Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:22E-13. Prohibitions for reinsurance intermediary-manager 13. The reinsurance intermediary-manager shall not: a. Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory faculative…

17:22E-14. Authorization as reinsurance intermediary-manager required 14. A reinsurer shall not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless such person is authorized pursuant to section 4 of this act. L.1993,c.244,s.14.

17:22E-15. Annual statement of financial condition to reinsurer 15. A reinsurance intermediary-manager shall annually send a copy of statements of its financial condition to each reinsurer with which it transacts business. Such statements shall be prepared by an independent certi…

17:22E-16. Adequacy of loss reserves 16. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually, or more frequently at the commissioner's discretion, obtain the opinion of an actuary attesting to the adequacy of loss reserves established for…

17:22E-17. Binding authority for retrocessional contracts, reinsurance syndicates 17. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance interme…

17:22E-18. Written notice of contract termination 18. Within 15 days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of that termination to the commissioner. Notice of termination shall be on a form prescribed…

17:22E-19. Restrictions on appointment of board of directors 19. A reinsurer shall not appoint to its board of directors any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary-manager. This section shall not apply to relationships …

17:22E-2. Licensing of intermediary-broker, intermediary-manager 2. a. No person shall act as a reinsurance intermediary-broker or reinsurance intermediary-manager in this State unless licensed as a producer in this State. b. No insurer or reinsurer shall continue to utilize the …

17:22E-20. Examination of reinsurance intermediary 20. 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 in a form usable by the commissioner. …

17:22E-21. Violations; penalties 21. a. If the commissioner finds, after notice and opportunity for a hearing, that a reinsurance intermediary, insurer or reinsurer is in violation of any provision of this act, the commissioner may refuse to issue or renew its license, or may rev…

17:22E-22. Rights not restricted, limited 22. Nothing contained in this act is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons. L.1993,c.244,s.22.

17:22E-23. Rules, regulations 23. The commissioner may promulgate rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), as may be necessary to effectuate the purposes of this act. L.1993,c.244,s.23.

17:22E-3. Requirements for intermediary-manager 3. The commissioner may require a reinsurance intermediary-manager to: a. File a bond in an amount and from an insurer acceptable to the commissioner for the protection of the reinsurer; and b. Maintain an errors and omissions polic…

17:22E-4. Authorization to act as reinsurance intermediary 4. a. The commissioner shall authorize a person to act as a reinsurance intermediary if that person has complied with the requirements of this act. Such authorization to a firm or association shall authorize all the membe…

17:22E-5. Refusal of authorization 5. The commissioner may refuse to authorize a person to act as a reinsurance intermediary if, in his judgment, the person, anyone named on the application, or any member, principal, officer or director of the applicant, is not trustworthy, or th…

17:22E-6. Written contract required for transactions between reinsurance intermediary-broker, insurer 6. Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written contract, specifying the…

17:22E-7. Records of transactions 7. For at least 10 years after the 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: a. The type of contrac…

17:22E-8. Access to intermediary-broker records by insurer 8. The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer. L.1993,c.244,s.8.

17:22E-9. Authorization as reinsurance intermediary-broker required 9. An insurer shall not engage the services of any person to act as a reinsurance intermediary-broker on its behalf unless that person is authorized pursuant to section 4 of this act. L.1993,c.244,s.9.