2005 Idaho Code - 41-5104 — REQUIRED CONTRACT PROVISIONS -- REINSURANCE INTERMEDIARY -- BROKERS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 51
                         REINSURANCE INTERMEDIARY ACT
    41-5104.  REQUIRED CONTRACT PROVISIONS -- REINSURANCE INTERMEDIARY --
BROKERS. Transactions between a RB and the insurer it 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, provide that:
    (1)  The insurer may terminate the RB's authority at any time.
    (2)  The RB will 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 RB, and
remit all funds due to the insurer within thirty (30) days of receipt.
    (3)  All funds collected for the insurer's account will be held by the RB
in a fiduciary capacity in a bank which is a qualified United States financial
institution as defined herein.
    (4)  The RB will comply with the provisions of section 41-5105, Idaho
Code.
    (5)  The RB will comply with the written standards established by the
insurer for the cession or retrocession of all risks.
    (6)  The RB will disclose to the insurer any relationship with any
reinsurer to which business will be ceded or retroceded.