§ 22:1729 — Duties of reinsurers utilizing the services of a reinsurance intermediary-manager

§1729. Duties of reinsurers utilizing the services of a reinsurance intermediary-manager
A. A reinsurer shall not engage the services of any person to act as a reinsurance
intermediary-manager on its behalf unless such person is licensed as required by R.S.
22:1723(B).
B. The reinsurer shall annually obtain a copy of statements of the financial condition
of each reinsurance intermediary-manager which such reinsurer has engaged, prepared by an
independent certified public accountant in a form acceptable to the commissioner.
C. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall
annually obtain the opinion of an actuary attesting to the adequacy of loss reserves
established for losses incurred and outstanding on business produced by the reinsurance
intermediary-manager. The opinion shall be in addition to any other required loss reserve
certification.
D. The binding authority for all retrocessional contracts, or participation in
reinsurance syndicates, shall be borne with an officer of the reinsurer, who shall not be
affiliated with the reinsurance intermediary-manager.
E. Within thirty days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of the termination to the
commissioner.
F. A reinsurer shall not appoint to its board of directors any officer, director,
employee, controlling shareholder, or subproducer of its reinsurance intermediary-manager.
This Subsection shall not apply to relationships governed by the Insurance Holding Company
System Regulatory Law, R.S. 22:691.1 et seq., or, if applicable, the Business Transacted with
Producer Controlled Insurer Law, R.S. 22:551 et seq.

Legislative History

Acts 1992, No. 811, §1; Redesignated from R.S. 22:1210.28 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2011, No. 94, §1, eff. Jan. 1, 2012; Acts 2022, No. 161, §1.