2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521C - REINSURANCE INTERMEDIARIES
521C.9 - DUTIES OF REINSURERS UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY-MANAGER.

        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 section 521C.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 to subsection 1.  The statements
      of financial condition shall be prepared by an independent certified
      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 reserves established for
      losses incurred and outstanding on business produced by the
      reinsurance intermediary-manager.  This opinion shall be in addition
      to any other required loss reserve certification.
         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 the reinsurance
      intermediary-manager.
         5.  Within thirty days of termination of a contract with a
      reinsurance intermediary-manager, the reinsurer shall provide written
      notification of the termination to 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
      the regulation of insurance company holding systems or, if
      applicable, governed by chapter 510A relating to the regulation of
      producer controlled property and casualty insurers.  

         91 Acts, ch 26, §27
         Referred to in § 521C.7