California Insurance Code 1781.10 – (a) A reinsurance intermediary shall be subject to examination …
(a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of each reinsurance intermediary in a form usable to the commissioner.
(b) A reinsurance intermediary-manager may be examined as if it were the reinsurer.
Terms Used In California Insurance Code 1781.10
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Insurer: means any person, firm, association, or corporation admitted by the commissioner as an insurer in this state. See California Insurance Code 1781.2
- Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager. See California Insurance Code 1781.2
- Reinsurance intermediary-manager: means any person, firm, association, or corporation that 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 the reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term. See California Insurance Code 1781.2
- Reinsurer: means any person, firm, association, or corporation admitted in this state as an insurer with the authority to assume reinsurance. See California Insurance Code 1781.2
(c) All documents and information disclosed in connection with the examination of a reinsurance intermediary may be used by the commissioner and shall be given confidential treatment by the commissioner to the same extent as provided in Section 735.5 for documents and information disclosed in connection with the examination of an insurer.
(d) An examination shall be at the expense of the reinsurance intermediary. The commissioner may revoke the license of the reinsurance intermediary for a refusal to promptly pay the examination expense when due.
(Amended by Stats. 2006, Ch. 321, Sec. 4. Effective January 1, 2007.)