Iowa Code 521C.6 – Duties of insurers utilizing the services of a reinsurance intermediary-broker
Current as of: 2024 | Check for updates
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Terms Used In Iowa Code 521C.6
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
521C.6 Duties of insurers utilizing the services of a reinsurance intermediary-broker.
1. An insurer shall not engage the services of a person, firm, association, or corporation
to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by § 521C.3, subsection 1.
2. An insurer shall not employ an individual who is employed by a reinsurance intermediary-broker with which the insurer transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to chapter 521A relating to the regulation of insurance company holding systems.
3. The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which the insurer transacts business.
91 Acts, ch 26, §24
1. An insurer shall not engage the services of a person, firm, association, or corporation
to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by § 521C.3, subsection 1.
2. An insurer shall not employ an individual who is employed by a reinsurance intermediary-broker with which the insurer transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to chapter 521A relating to the regulation of insurance company holding systems.
3. The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which the insurer transacts business.
91 Acts, ch 26, §24