Indiana § 27-6-9-22 Binding of retrocessions on behalf of reinsurers by RM; conditions;
reinsurance syndicates; appointment of producers; payment of claims;
collection of payment; settlements; employment of reinsurer employee;
sub-RMs

Indiana Statutes

§ 27-6-9-22 — Binding of retrocessions on behalf of reinsurers by RM; conditions; reinsurance syndicates; appointment of producers; payment of claims; collection of payment; settlements; employment of reinsurer employee; sub-RMs

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

(a)A RM may not bind retrocessions on behalf of the reinsurer, except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Guidelines referred to in this subsection must include a list of reinsurers with which the automatic agreements are in effect, and, for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.

(b)A RM may not commit the reinsurer to participate in reinsurance syndicates.

(c)A RM may not appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which the producer is appointed.

(d)A RM may not, without prior approv

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(a) A RM may not bind retrocessions on
behalf of the reinsurer, except that the RM may bind facultative
retrocessions pursuant to obligatory facultative agreements if the
contract with the reinsurer contains reinsurance underwriting
guidelines for such retrocessions. Guidelines referred to in this
subsection must include a list of reinsurers with which the automatic
agreements are in effect, and, for each such reinsurer, the coverages
and amounts or percentages that may be reinsured, and commission
schedules.
(b) A RM may not commit the reinsurer to participate in reinsurance
syndicates.
(c) A RM may not appoint any producer without assuring that the
producer is lawfully licensed to transact the type of reinsurance for
which the producer is appointed.
(d) A RM may not, without prior approval of the reinsurer, pay or
commit the reinsurer to pay a claim, net of retrocessions, that exceeds
the lesser of:
(1) an amount specified by the reinsurer; or
(2) one percent (1%) of the reinsurer's policyholder's surplus as of
December 31 of the last complete calendar year before the
payment or commitment.
(e) A RM may not collect any payment from a retrocessionaire or
commit the reinsurer to any claim settlement with a retrocessionaire
without prior approval of the reinsurer. If prior approval is given, a
report must be promptly forwarded to the reinsurer.
(f) A RM may not jointly employ an individual who is employed by
the reinsurer.
(g) A RM may not appoint a sub-RM.

Indiana § 27-6-9-22 (Binding of retrocessions on behalf of reinsurers by RM; conditions; reinsurance syndicates; appointment of producers; payment of claims; collection of payment; settlements; employment of reinsurer employee; sub-RMs) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.