Download as PDF
304.9-735 Reinsurers required to engage services of only licensed reinsurance
managers.
(1)
(2)
(3)
(4)
(5)
(6)
A reinsurer shall not engage the services of any person, firm, association, or
corporation to act as a reinsurance intermediary manager on its behalf unless the
person is licensed as required by KRS 304.9-705(2).
The reinsurer shall annually obtain a copy of statements of the financial condition of
each reinsurance intermediary manager which the reinsurer has engaged prepared by
an independent certified accountant in a form acceptable to the commissioner.
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.
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.
Within thirty (30) days of termination of a contract with a reinsurance intermediary
manager, the reinsurer shall provide written notification of such termination to the
commissioner.
A reinsurer shall not appoint to its board of directors any officer, director,
employee, controlling shareholder, or subproducer of its reinsurance intermediary
manager. This subsection shall not apply to relationships governed by Subtitle 37 of
this chapter or, if applicable, any provisions of Subtitle 3 of this chapter on producer
controlled insurers.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1087, effective July 15, 2010. -- Created
1992 Ky. Acts ch. 155, sec. 8, effective July 14, 1992.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.