521C.8 Prohibited acts. The reinsurance intermediary-manager shall not do any of the following:1. Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may bind facultative retrocessions pursuant to obligatory facultativeagreements if the contract with the reinsurer contains reinsurance underwriting guidelinesfor such retrocessions. The guidelines shall include a list of reinsurers with which theautomatic agreements are in effect, and for each reinsurer, the coverages and amounts orpercentages that may be reinsured, and commission schedules. 2. Commit the reinsurer to participate in reinsurance syndicates.3. Appoint any producer without assuring that the producer is licensed to transact the type of reinsurance for which the producer is appointed. 4. Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, or a net amount of retrocessions, that exceeds the lesser of an amount specified by the reinsurer orone percent of the reinsurer’s policyholder’s surplus as of December 31 of the last completecalendar year. 5. Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a nt of the reinsurer’s policyholder’s surplus as of December 31 of the last completecalendar year. 5. Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approvalis given, a report must be promptly forwarded to the reinsurer. 6. Jointly employ an individual who is employed by the reinsurer.7. Appoint an agent of a reinsurance intermediary-manager.91 Acts, ch 26, §26 Sat Dec 23 00:52:54 2023 Iowa Code 2024, Section 521C.8 (16, 0)
Iowa Legal Code