A. 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 Section 20-486.01.

Terms Used In Arizona Laws 20-486.04

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Insurer: means a person, firm, association or corporation licensed to transact insurance business in this state. See Arizona Laws 20-486
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Reinsurance intermediary: means a reinsurance intermediary broker or a reinsurance intermediary manager. See Arizona Laws 20-486
  • Reinsurance intermediary broker: means a person, other than an officer or employee of the ceding insurer, or a firm, association or corporation that solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer. See Arizona Laws 20-486

B. An insurer may not employ an individual who is employed by the reinsurance intermediary broker with which it transacts business, unless the reinsurance intermediary broker is under common control with the insurer and is subject to the holding company act.

C. The insurer annually shall obtain a copy of the statements on the financial condition of each reinsurance intermediary broker with which it transacts business.

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