§ 26-47-110 — Duties of reinsurers utilizing the services of a reinsurance intermediary manager

Wyoming § 26-47-110

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

Text

(a) A reinsurer shall not engage the services of any
person to act as a reinsurance intermediary manager on its
behalf unless the person is licensed as required by W.S.
26-47-103(b).
(b) 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 accountant in a form acceptable to the
commissioner.
(c) If a reinsurance intermediary manager establishes loss
reserves, the reinsurer shall annually obtain the opinion of an
independent actuary attesting to the adequacy of loss reserves
established for losses incurred and outstanding on business
produced by the reinsurance intermediary manager. This opinion
shall be in addition to any other required loss reserve
certification.
(d) Binding authority for all retrocessional contracts or
participation in reinsurance syndicates shall rest with an
officer of the reinsurer who shall not be affiliated with the
reinsurance intermediary manager.
(e) Within thirty (30) days of termination of a contract
with a reinsurance intermediary manager, the reinsurer shall
provide written notification of the termination to the
commissioner.
(f) A reinsurer shall not appoint to its board of
directors, any officer, director, employee, controlling
shareholder or subproducer of its reinsurance intermediary
manager. This subsection shall not apply to relationships
governed by the Insurance Holding Company Regulatory System Act
or, if applicable, the Broker Controlled Insurer Act.