2006 New Hampshire Statutes - Section 402-F:3 Required Contract Provisions; Reinsurance Intermediary-Brokers.

Transactions between a reinsurance intermediary-broker 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, contain provisions that:
    I. The insurer may terminate the broker's authority at any time.
    II. The broker shall 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 broker, and remit all funds due to the insurer within 30 days of receipt.
    III. All funds collected for the insurer's account shall be held by the broker in a fiduciary capacity in a bank which is a qualified U.S. financial institution.
    IV. The broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.
    V. The broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.

Source. 1991, 200:1, eff. Jan. 1, 1992.