[ARTICLE 9B]
REINSURANCE INTERMEDIARY
§431:9B-101 Definitions. For purposes of this article:
"Actuary" means a person who is a member in good standing of the American Academy of Actuaries.
"Controlling person" means any individual, firm, association, or corporation that directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of the reinsurance intermediary.
"Insurer" means any individual, firm, association, or corporation duly licensed in this State pursuant to this chapter as an insurer.
"Qualified United States financial institution" means an institution that:
"Reinsurance intermediary" or "producer" means a reinsurance intermediary-broker or a reinsurance intermediary-manager licensed pursuant to this article and article 9A.
"Reinsurance intermediary-broker" or "RB" means any person, other than an officer or employee of the ceding insurer, 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.
"Reinsurance intermediary-manager" or "RM" means any individual, 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. Notwithstanding the above, the following persons shall not be considered a reinsurance intermediary-manager, with respect to the reinsurer, for the purposes of this article:
"Reinsurer" means any person, firm, association, or corporation duly licensed in this State pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance.
"To be in violation" means that the reinsurance intermediary, or insurer or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with this article. [L 1992, c 176, pt of §6; am L 2002, c 155, §37; am L 2012, c 66, §10]