§ 27-6-9-8 — Reinsurance intermediary-manager

Indiana § 27-6-9-8

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 6: REINSURANCE; INTERINSURANCE
• Ch. 9: Reinsurance Intermediaries

Text

(a) As used in this chapter, "reinsurance
intermediary-manager" (or, RM) means any person, firm, association
or corporation that:
(1) has authority to bind or manages all or part of the assumed
reinsurance business of a reinsurer (including the management of
a separate division, department, or underwriting office); and
(2) acts as an agent for that reinsurer;
whether known as a RM, manager, or other similar term.
(b) Notwithstanding subsection (a), the following persons may not
be considered a RM, with respect to a reinsurer, for the purposes of this
chapter:
(1) An employee of the reinsurer.
(2) A United States manager of the United States branch of an
alien reinsurer.
(3) An underwriting manager which, pursuant to contract:
(A) manages all or part of the reinsurance operations of the
reinsurer;
(B) is under common control with the reinsurer, subject to IC 27-1-23; and
(C) whose compensation is not based on the volume of
premiums written.
(4) The manager of a group, association, pool, or organization of
insurers which engage in joint underwriting or joint reinsurance
and who are subject to examination by the insurance
commissioner of the state in which the manager's principal
business office is located.

Legislative History

As added by P.L.26-1991, SEC.26.