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304.9-735 Reinsurers required
reinsurance managers.
(1)
(2)
(3)
(4)
(5)
(6)
to
engage
services
of
only
licensed
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.
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