Utah § 31A-23a-802 Required contract provisions -- Reinsurance intermediary-broker.

Utah Statutes

§ 31A-23a-802 — Required contract provisions -- Reinsurance intermediary-broker.

Utah·Title 31A Insurance Code·Ch. 31A-23a Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries·Part 31A-23a-8 Reinsurance Intermediaries

Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity may only be entered into pursuant to a written authorization, which specifies the responsibilities of each party. The authorization shall, at a minimum, provide that the reinsurance intermediary-broker:

(1)may have his authority terminated by the insurer at any time;

(2)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 that he will remit all funds due to the insurer within 30 days of receipt;

(3)shall hold, in a fiduciary capacity, all funds collected for the insurer's account in a financial institution, w

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Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity may only be entered into pursuant to a written authorization, which specifies the responsibilities of each party. The authorization shall, at a minimum, provide that the reinsurance intermediary-broker:
(1) may have his authority terminated by the insurer at any time;
(2) 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 that he will remit all funds due to the insurer within 30 days of receipt;
(3) shall hold, in a fiduciary capacity, all funds collected for the insurer's account in a financial institution, which is a qualified United States financial institution;
(4) will comply with Section 31A-23a-803;
(5) will comply with the written standards established by the insurer for the cession or retrocession of all risks; and
(6) will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.

Utah § 31A-23a-802 (Required contract provisions -- Reinsurance intermediary-broker.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.