Massachusetts § 177P Contracts between reinsurance intermediary broker and insurer; required provisions

Massachusetts Statutes

§ 177P — Contracts between reinsurance intermediary broker and insurer; required provisions

Massachusetts § 177P

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 175INSURANCE

This text of Massachusetts § 177P (Contracts between reinsurance intermediary broker and insurer; required provisions) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mass. Gen. Laws ch. 175, § 177P (2026).

Text

Section 177P. A reinsurance intermediary broker shall represent or perform services for an insurer only pursuant to a written contract which specifies the responsibilities of each party. The contract shall, at a minimum, provide that:

(a)The insurer may terminate the reinsurance intermediary broker's authority at any time.

(b)The reinsurance intermediary broker shall 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 reinsurance intermediary broker, and remit all funds due to the insurer within thirty days of receipt.

(c)All funds collected for the insurer's account shall be held by the reinsurance intermediary broker in a fiduciary capacity in a bank w

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Section 177P. A reinsurance intermediary broker shall represent or perform services for an insurer only pursuant to a written contract which specifies the responsibilities of each party. The contract shall, at a minimum, provide that:(a) The insurer may terminate the reinsurance intermediary broker's authority at any time.(b) The reinsurance intermediary broker shall 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 reinsurance intermediary broker, and remit all funds due to the insurer within thirty days of receipt.(c) All funds collected for the insurer's account shall be held by the reinsurance intermediary broker in a fiduciary capacity in a bank which is a qualified United States financial institution as defined herein.(d) The reinsurance intermediary broker shall comply with section one hundred and seventy-seven Q.(e) The reinsurance intermediary broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.(f) The reinsurance intermediary broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.