2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521C - REINSURANCE INTERMEDIARIES
521C.2 - DEFINITIONS.

        521C.2  DEFINITIONS.
         As used in this chapter, unless the context otherwise requires:
         1.  "Actuary" means a person who is a member in good standing
      of the American academy of actuaries.
         2.  "Controlling person" means a person who directly or
      indirectly has the power to direct or cause to be directed, the
      management, control, or activities of the reinsurance intermediary.
         3.  "Insurer" means a person licensed to transact the business
      of insurance in this state.
         4.  "Licensed producer" means an agent, broker, or reinsurance
      intermediary licensed pursuant to the applicable provision of the
      insurance law of any jurisdiction.
         5.  "Qualified United States financial institution" means an
      institution that satisfies all of the following conditions:
         a.  The financial institution is organized or licensed under
      the laws of the United States or any state of the United States.
         b.  The financial institution is regulated, supervised, and
      examined by federal or state authorities having regulatory authority
      over banks and trust companies.
         c.  The financial institution has been determined by either
      the commissioner, or the securities valuation office of the national
      association of insurance commissioners, to meet such 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.
         6.  "Reinsurance intermediary" means a reinsurance
      intermediary-broker or a reinsurance intermediary-manager.
         7.  "Reinsurance intermediary-broker" means a 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.
         8.  "Reinsurance intermediary-manager" means a 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 acts as an agent
      for the reinsurer whether known as a reinsurance intermediary-manager
      or manager, or known by any other similar term or title.  However,
      for the purposes of this chapter, the following persons shall not be
      considered a reinsurance intermediary-manager, with respect to the
      reinsurer:
         a.  An employee of the reinsurer.
         b.  A manager of a United States branch of an alien reinsurer
      who resides in this country.
         c.  An underwriting manager who, pursuant to contract, manages
      all or part of the reinsurance operations of the reinsurer, who is
      under common control with the reinsurer, subject to chapter 521A
      relating to the regulation of insurance holding company systems, and
      who is not compensated based upon the volume of premiums written.
         d.  The manager of a group, association, pool, or organization
      of insurers who engages in joint underwriting or joint reinsurance
      and who is subject to examination by the insurance commissioner of
      the state in which the manager's principal business office is
      located.
         9.  "Reinsurer" means a person licensed in this state as a
      reinsurer with the authority to assume reinsurance.
         10.  "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 chapter.  

         91 Acts, ch 26, §20; 94 Acts, ch 1176, §14
         Referred to in § 521C.7