Indiana Code 27-6-9-8. Reinsurance intermediary-manager
(1) 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
Terms Used In Indiana Code 27-6-9-8
- commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-6-9-2
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- reinsurer: means any person, firm, association, or corporation duly licensed in Indiana pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. See Indiana Code 27-6-9-9
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
whether known as a RM, manager, or other similar term.
(b) Notwithstanding subsection (a), the following persons may not be considered a RM, with respect to a reinsurer, for the purposes of this chapter:
(1) An employee of the reinsurer.
(2) A United States manager of the United States branch of an alien reinsurer.
(3) An underwriting manager which, pursuant to contract:
(A) manages all or part of the reinsurance operations of the reinsurer;
(B) is under common control with the reinsurer, subject to IC 27-1-23; and
(C) whose compensation is not based on the volume of premiums written.
(4) The manager of a group, association, pool, or organization of insurers which engage in joint underwriting or joint reinsurance and who are subject to examination by the insurance commissioner of the state in which the manager’s principal business office is located.
As added by P.L.26-1991, SEC.26.