A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary, which shall be kept in a form usable to the commissioner.
Terms Used In Utah Code 31A-23a-808
Form: means one of the following prepared for general use:
Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
Reinsurance intermediary-manager: means a person who:
(i)
has authority to bind or who manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office; and
(ii)
acts as an agent for the reinsurer whether the person is known as a reinsurance intermediary-manager, manager, or other similar term. See Utah Code 31A-23a-102
Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
(2)
A reinsurance intermediary-manager may be examined as if it were the reinsurer.
Renumbered and Amended by Chapter 298, 2003 General Session
