Indiana § 27-6-9-18 Transactions between reinsurance intermediary-broker and insurer;
written authorization; contents

Indiana Statutes

§ 27-6-9-18 — Transactions between reinsurance intermediary-broker and insurer; written authorization; contents

Indiana·Title 27 INSURANCE·Art. 6 REINSURANCE; INTERINSURANCE;·Ch. 9 Reinsurance Intermediaries

Transactions between a RB and the insurer it represents in the capacity of RB shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions stating the following:

(1)The insurer may terminate the RB's authority at any time.

(2)The RB will:

(A)render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing to, the RB; and

(B)remit all funds due to the insurer within thirty (30) days of receipt.

(3)All funds collected for the insurer's account will be held by the RB in a fiduciary capacity in a bank which is a qualified United States financial institution.

(4)Th

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Transactions between a RB and the insurer it
represents in the capacity of RB shall only be entered into pursuant to
a written authorization, specifying the responsibilities of each party.
The authorization shall, at a minimum, contain provisions stating the
following:
(1) The insurer may terminate the RB's authority at any time.
(2) The RB will:
(A) render accounts to the insurer accurately detailing all
material transactions, including information necessary to
support all commissions, charges, and other fees received by,
or owing to, the RB; and
(B) remit all funds due to the insurer within thirty (30) days of
receipt.
(3) All funds collected for the insurer's account will be held by the
RB in a fiduciary capacity in a bank which is a qualified United
States financial institution.
(4) The RB will comply with section 19 of this chapter.
(5) The RB will comply with the written standards established by
the insurer for the cession or retrocession of all risks.
(6) The RB will disclose to the insurer any relationship with any
reinsurer to which business will be ceded or retroceded.

Indiana § 27-6-9-18 (Transactions between reinsurance intermediary-broker and insurer; written authorization; contents) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.