2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521C - REINSURANCE INTERMEDIARIES
521C.8 - PROHIBITED ACTS.

        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 facultative agreements if the contract with
      the reinsurer contains reinsurance underwriting guidelines for such
      retrocessions.  The guidelines shall include a list of reinsurers
      with which the automatic agreements are in effect, and for each
      reinsurer, the coverages and amounts or percentages 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 or one
      percent of the reinsurer's policyholder's surplus as of December 31
      of the last complete calendar 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 approval is 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