2005 Idaho Code - 41-5102 — DEFINITIONS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 51
                         REINSURANCE INTERMEDIARY ACT
    41-5102.  DEFINITIONS. As used in this chapter:
    (1)  "Actuary" means a person who is a member in good standing of the
American academy of actuaries.
    (2)  "Controlling person" means any person, firm, association or
corporation 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 any person, firm, association or corporation duly
licensed in this state pursuant to the applicable provisions of the insurance
law as an insurer.
    (4)  "Licensed producer" means an agent, broker or reinsurance
intermediary licensed pursuant to the applicable provision of the insurance
law.
    (5)  "Qualified United States financial institution" means for purposes of
this chapter, a qualified United States financial institution that:
    (a)  Is organized or, in the case of a United States office of a foreign
    banking organization, licensed, under the laws of the United States or any
    state thereof;
    (b)  Is regulated, supervised and examined by United States federal or
    state authorities having regulatory authority over banks and trust
    companies; and
    (c)  Has been determined by either the director, 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 director.
    (6)  "Reinsurance intermediary" means a reinsurance intermediary-broker,
or a reinsurance intermediary-manager as these terms are defined in
subsections (7) and (8) of this section.
    (7)  "Reinsurance intermediary-broker (RB)" means any person, other than
an officer or employee of the ceding insurer, firm, association or corporation
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 such insurer.
    (8)  "Reinsurance intermediary-manager (RM)" means any person, firm,
association or corporation 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
such reinsurer whether known as a RM, manager or other similar term.
Notwithstanding the above, the following persons shall not be considered a RM,
with respect to such reinsurer, for the purposes of this chapter:
    (a)  An employee of the reinsurer;
    (b)  A United States manager of the United States branch of an alien
    reinsurer;
    (c)  An underwriting manager which, pursuant to contract, manages all the
    reinsurance operations of the reinsurer, is under common control with the
    reinsurer, subject to chapter 38, title 41, Idaho Code, and whose
    compensation is not based on the volume of premiums written; or
    (d)  The manager of a group, association, pool or organization of insurers
    which engage in joint underwriting or joint reinsurance and which are
    subject to examination by the insurance director of the state in which the
    manager's principal business office is located.
    (9)  "Reinsurer" means any person, firm, association or corporation duly
licensed or authorized to do business in this state pursuant to the applicable
provisions of the insurance law as an insurer 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 provision of this chapter.