§ 26-47-102 — Definitions

Wyoming § 26-47-102

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 47: REINSURANCE INTERMEDIARIES

Text

(a) As used in this article:
(i) "Actuary" means a person who is a member in good
standing of the American Academy of Actuaries;
(ii) "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;
(iii) "Licensed producer" means an agent, broker or
reinsurance intermediary licensed pursuant to the applicable
provisions of this code;
(iv) "Qualified United States financial institution"
means an institution that is organized or licensed under the
laws of the United States or any state and is insured by an
instrumentality of the United States government, and has been
determined by either the insurance commissioner or the
securities valuation office of the National Association of
Insurance Commissioners to meet standards of financial condition
and standing as are considered necessary and appropriate to
regulate the quality of financial institutions whose letters of
credit will be acceptable to the commissioner;
(v) "Reinsurance intermediary" means a reinsurance
intermediary broker or a reinsurance intermediary manager;
(vi) "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 ceding
insurer;
(vii) "Reinsurance intermediary manager" means any
person who has authority to bind or manage all or part of the
assumed reinsurance business of a reinsurer, including the
management of a separate division, department or underwriting
office, and who acts as an agent for the reinsurer whether known
as a "reinsurance intermediary manager," "manager" or other
similar term. The following persons shall not be considered a
reinsurance intermediary manager, with respect to a reinsurer,
for the purposes of this article:
(A) An employee of the reinsurer;
(B) A United States manager of the United States
branch of an alien reinsurer;
(C) An underwriting manager:
(I) Which pursuant to contract, manages all
the reinsurance operations of the reinsurer;
(II) Is under common control with the
reinsurer, subject to the Insurance Holding Company System
Regulatory Act; and
(III) Whose compensation is not based on
the volume of premiums written.
(D) The manager of a group, association, pool or
organization of insurers which engage in joint underwriting or
joint reinsurance and are subject to examination by the
insurance commissioner of the state in which the manager's
principal business office is located.
(viii) "Reinsurer" means any person with the
authority to assume reinsurance in this state as an insurer
pursuant to the applicable provisions of this code;
(ix) "To be in violation" means that the reinsurance
intermediary, insurer or reinsurer for whom the reinsurance
intermediary was acting failed to substantially comply with the
provisions of this article.