2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521C - REINSURANCE INTERMEDIARIES
521C.4 - REQUIRED CONTRACT PROVISIONS -- REINSURANCE INTERMEDIARY-BROKERS.

        521C.4  REQUIRED CONTRACT PROVISIONS -- REINSURANCE
      INTERMEDIARY-BROKERS.
         Transactions between a reinsurance intermediary-broker and the
      insurer that the reinsurance intermediary-broker 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, contain provisions that satisfy
      all of the following requirements:
         1.  The insurer may terminate the authority of the reinsurance
      intermediary-broker at any time.
         2.  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
      shall remit all funds due to the insurer within thirty days of
      receipt.
         3.  All funds collected for the account of the insurer shall be
      held by the reinsurance intermediary-broker in a fiduciary capacity
      in a bank, as defined in section 524.103.
         4.  The reinsurance intermediary-broker shall comply with section
      521C.5.
         5.  The reinsurance intermediary-broker shall comply with the
      written standards established by the insurer for the cession or
      retrocession of all risks.
         6.  The reinsurance intermediary-broker shall disclose to the
      insurer any relationship with any reinsurer to which business will be
      ceded or retroceded.  

         91 Acts, ch 26, §22