Oregon Statutes 744.812 – Prohibitions on actions of reinsurance intermediary managers
A reinsurance intermediary manager may not do any of the following:
Terms Used In Oregon Statutes 744.812
- Contract: A legal written agreement that becomes binding when signed.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) Cede retrocessions on behalf of the reinsurer that the reinsurance intermediary manager represents, except that the reinsurance intermediary manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines must include:
(a) A list of reinsurers with which the automatic agreements are in effect;
(b) For each such reinsurer, the coverages and amounts or percentages that may be reinsured; and
(c) For each such reinsurer, the commission schedules.
(2) Commit the reinsurer to participate in reinsurance syndicates.
(3) Appoint an insurance producer, reinsurance intermediary broker or reinsurance intermediary manager without assuring that the insurance producer, reinsurance intermediary broker or reinsurance intermediary manager is lawfully licensed to transact the type of reinsurance for which the appointment is made.
(4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the combined capital and surplus of the reinsurer as of December 31 of the last complete calendar year.
(5) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, the reinsurance intermediary manager must promptly forward a report to the reinsurer.
(6) Jointly employ an individual who is employed by the reinsurer, unless the reinsurance intermediary manager is under common control with the reinsurer subject to ORS § 732.517 to 732.596.
(7) Appoint a reinsurance subintermediary manager. [1993 c.447 § 80; 2003 c.364 § 33]