§ 521c-9

521C.9 Duties of reinsurers utilizing the services of a reinsurance intermediary-manager. 1. A reinsurer shall not engage the services of a person to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by section521C.3, subsection 2. 2. The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-manager whom the reinsurer has engaged pursuant tosubsection 1. The statements of financial condition shall be prepared by an independentcertified accountant in a form acceptable to the commissioner. 3. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reservesestablished for losses incurred and outstanding on business produced by the reinsuranceintermediary-manager. This opinion shall be in addition to any other required loss reservecertification. 4. 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 thereinsurance intermediary-manager. 5.

hority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with thereinsurance intermediary-manager. 5. Within thirty days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of the terminationto the commissioner. 6. A reinsurer shall not appoint to its board of directors any officer, director, employee, controlling shareholder, or an agent of a producer of its reinsurance intermediary-manager.This subsection shall not apply to relationships governed by chapter 521A relating to theregulation of insurance company holding systems or, if applicable, governed by chapter 510Arelating to the regulation of producer controlled property and casualty insurers. 91 Acts, ch 26, §27Referred to in §521C.7 Sat Dec 23 00:52:55 2023 Iowa Code 2024, Section 521C.9 (16, 0)