Louisiana Revised Statutes 22:1729 – A. A reinsurer shall not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless such person is licensed as required by R.S. 22:1723(B).
Terms Used In Louisiana Revised Statutes 22:1729
- Actuary: shall mean a person who is a member in good standing of the American Academy of Actuaries. See Louisiana Revised Statutes 22:1722
- Contract: A legal written agreement that becomes binding when signed.
- Insurer: shall mean any authorized insurer as defined in La. See Louisiana Revised Statutes 22:1722
- Person: shall mean an individual or business entity. See Louisiana Revised Statutes 22:1722
- Reinsurance intermediary-manager: shall mean any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such reinsurer, whether known as a reinsurance intermediary-manager, manager, or other similar term. See Louisiana Revised Statutes 22:1722
- Reinsurer: shall mean any person duly licensed in this state, pursuant to the applicable provisions of this Code, as an insurer with the authority to assume reinsurance. See Louisiana Revised Statutes 22:1722
A. A reinsurer shall not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless such person is licensed as required by La. Rev. Stat. 22:1723(B).
B. The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-manager which such reinsurer has engaged, prepared by an independent certified public accountant in a form acceptable to the commissioner.
C. 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. The opinion shall be in addition to any other required loss reserve certification.
D. The binding authority for all retrocessional contracts, or participation in reinsurance syndicates, shall be borne with an officer of the reinsurer, who shall not be affiliated with the reinsurance intermediary-manager.
E. Within thirty days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of the termination to the commissioner.
F. 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 the Insurance Holding Company System Regulatory Law, La. Rev. Stat. 22:691.1 et seq., or, if applicable, the Business Transacted with Producer Controlled Insurer Law, La. Rev. Stat. 22:551 et seq.
Acts 1992, No. 811, §1; Redesignated from La. Rev. Stat. 22:1210.28 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2011, No. 94, §1, eff. Jan. 1, 2012; Acts 2022, No. 161, §1.