As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
1.Actuary.
"Actuary" means a person who is a member in good standing of the American Academy of Actuaries.
2.Cession.
"Cession" means a transfer by a policy originating insurer to a reinsurer of the whole or a portion of a single risk, defined policy or defined division of business as set out in a reinsurance contract.
3.Controlling person.
"Controlling person" means any person who directly or indirectly has the power to direct or cause to be directed the management, control or activities of the reinsurance intermediary.
4.Insurer.
"Insurer" means every person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insur
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As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
1.
Actuary.
"Actuary" means a person who is a member in good standing of the American Academy of Actuaries.
2.
Cession.
"Cession" means a transfer by a policy originating insurer to a reinsurer of the whole or a portion of a single risk, defined policy or defined division of business as set out in a reinsurance contract.
3.
Controlling person.
"Controlling person" means any person who directly or indirectly has the power to direct or cause to be directed the management, control or activities of the reinsurance intermediary.
4.
Insurer.
"Insurer" means every person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insurance who holds an existing certificate of authority to transact insurance in this State pursuant to section 404.
5.
Reinsurance intermediary.
"Reinsurance intermediary" means a reinsurance intermediary-broker or a reinsurance intermediary-manager as these terms are defined in subsections 6 and 7.
6.
Reinsurance intermediary-broker.
"Reinsurance intermediary-broker" means any person, other than an officer or employee of the ceding insurer who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer.
7.
Reinsurance intermediary-manager.
"Reinsurance intermediary-manager" means any person who 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 acts as an agent for such a reinsurer whether known as a reinsurance intermediary-manager, manager or other similar term. The term does not include:
8.
Reinsurer.
"Reinsurer" means any person who operates as an insurer in any manner under applicable provisions of this Title in the assumption of reinsurance risks.
9.
Retrocession.
"Retrocession" means a transfer by a reinsurer to another reinsurer of those risks defined in subsection 2.
10.
Retrocessionaire.
"Retrocessionaire" means an insurer or reinsurer assuming reinsurance risks under a retrocession.
11.
Qualified United States financial institution.
For purposes of this section, a "qualified United States financial institution" means an institution that:
12.
Qualified United States financial institution.
"Qualified United States financial institution" means for the purposes of those provisions of this section specifying those institutions that are eligible to act as a fiduciary of a trust an institution that: