§ 26-47-104 — Required contract provisions for reinsurance intermediary brokers

(a) Transactions between a reinsurance intermediary broker
and the insurer it represents in such capacity shall only be
entered into pursuant to a written authorization, specifying the
responsibilities of each party. The authorization shall, at a
minimum, provide that:
(i) The insurer may terminate the reinsurance
intermediary broker's authority at any time;
(ii) The reinsurance intermediary broker shall 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 (30) days of receipt;
(iii) All funds collected for the insurer's account
shall be held by the reinsurance intermediary broker in a
fiduciary capacity in a bank which is a qualified United States
financial institution;
(iv) The reinsurance intermediary broker shall comply
with W.S. 26-47-105;
(v) The reinsurance intermediary broker shall comply
with the written standards established by the insurer for the
cession or retrocession of all risks;
(vi) The reinsurance intermediary broker shall
disclose to the insurer any relationship with any reinsurer to
which business will be ceded or retroceded.