There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 9. Agents, Consultants, Solicitors and Adjusters
304.9.730 Certain actions by reinsurance intermediary managers prohibited.
Download pdf(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 those retrocessions. The guidelines shall include a list of
reinsurers with which automatic agreements are in effect, and for each reinsurer, the
coverages and amounts or percentages that may be reinsured, and the commission
schedules; (2) Commit the reinsurer to participate in reinsurance syndicates;
(3) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed; (4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer
or one percent (1%) 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 shall be promptly forwarded to the reinsurer; (6) Jointly employ an individual who is employed by the reinsurer; or
(7) Appoint a subreinsurance intermediary manager. Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 155, sec. 7, 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.