There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 9. Agents, Consultants, Solicitors and Adjusters
304.9.735 Reinsurers required to engage services of only licensed reinsurance managers.
Download pdfperson is licensed as required by KRS 304.9-705(2). (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. (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 (30) days of termination of a contract with a reinsurance intermediary manager, the reinsurer shall provide written notification of such termination to the
commissioner. (6) 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.
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