North Dakota § 26.1-31.1-03 Required contract provisions - Reinsurance intermediary-brokers

North Dakota Statutes

§ 26.1-31.1-03 — Required contract provisions - Reinsurance intermediary-brokers

North Dakota § 26.1-31.1-03

Title 26.1Insurance

Ch. 26.1-31.1Reinsurance Intermediaries

This text of North Dakota § 26.1-31.1-03 (Required contract provisions - Reinsurance intermediary-brokers) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-31.1-03 (2026).

Text

Transactions between a reinsurance intermediary-broker and the insurer it represents in such capacity may only be entered into, pursuant to a written authorization, specifying the responsibilities of each party. The authorization must, at a minimum, contain provisions that:

1.The insurer may terminate the reinsurance intermediary-broker's authority at any time.

2.The reinsurance intermediary-broker will 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.

3.All funds collected for the insurer's account will be held by the reinsurance intermediary-b

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Transactions between a reinsurance intermediary-broker and the insurer it represents in
such capacity may only be entered into, pursuant to a written authorization, specifying the
responsibilities of each party. The authorization must, at a minimum, contain provisions that:
1. The insurer may terminate the reinsurance intermediary-broker's authority at any time.
2. The reinsurance intermediary-broker will 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.
3. All funds collected for the insurer's account will be held by the reinsurance
intermediary-broker in a fiduciary capacity in a bank which is a qualified United States
financial institution as defined by this chapter.
4. The reinsurance intermediary-broker will comply with section 26.1-31.1-04.
5. The reinsurance intermediary-broker will comply with the written standards established
by the insurer for the cessions or retrocession of all risks.
6. The reinsurance intermediary-broker will disclose to the insurer any relationship with
any reinsurer to which business will be ceded or retroceded.