Title XIII, COMMERCE (Ch. 505 - 554I)

Service of process made on the commissioner as the agent for service of process shall be made as provided in section 505.30 . 2018 Acts, ch 1018, §14

As used in this chapter , unless the context otherwise requires: 1. “Actuary” means a person who is a member in good standing of the American academy of actuaries. 2. “Controlling person” means a person who directly or indirectly has the power to direct or cause to be directed, t…

1. A person shall not act as a reinsurance intermediary-broker in this state if the person maintains an office in this state or another state individually or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation, unless the per…

Transactions between a reinsurance intermediary-broker and the insurer that the reinsurance intermediary-broker represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a…

1. For a minimum of ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following: a. The type of contract, limits, u…

1. An insurer shall not engage the services of a person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by section 521C.3, subsection 1 . 2. An insurer shall not employ an individual who is emp…

Transactions between a reinsurance intermediary-manager and the reinsurer that the reinsurance intermediary-manager represents in such capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the…

The reinsurance intermediary-manager shall not do any of the following: 1. Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the rei…

1. A reinsurer shall not engage the services of a person to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by section 521C.3, subsection 2 . 2. The reinsurer shall annually obtain a copy of statements of the financial condition o…