§ 26.1-31.1-08 — Duties of reinsurers utilizing the services of a reinsurance intermediary-manager

North Dakota § 26.1-31.1-08

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-31.1: Reinsurance Intermediaries

Text

intermediary-manager.
1. A reinsurer may not engage the services of any person, firm, association, corporation,
or limited liability company to act as a reinsurance intermediary-manager on its behalf
unless such person, firm, association, corporation, or limited liability company is
licensed as required by subsection 2 of section 26.1-31.1-02.
2. The reinsurer shall annually obtain a copy of statements of the financial condition of
each reinsurance intermediary-manager which the reinsurer has engaged, prepared
by an independent certified public accountant, in a form acceptable to the
commissioner.
3. 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. This opinion must be in addition to any other
required loss reserve certification.
4. Binding authority for all retrocessional contracts or participation in reinsurance
syndicates rests with an officer of the reinsurer who may not be affiliated with the
reinsurance intermediary-manager.
5. Within thirty days of termination of a contract with a reinsurance
intermediary-manager, the reinsurer shall provide written notification of its termination
to the commissioner.
6. A reinsurer may not appoint to its board of directors any officer, director, employee,
controlling shareholder, or subproducer of its reinsurance intermediary-manager. This
subsection does not apply to relationships governed by chapter 26.1-10.