California Insurance Code

§ 1781.8

INS § 1781.8Div. 1 · Part 2 · Ch. 6.5

Statute text

The reinsurance intermediary-manager shall not do any of the following:

(a)Directly or indirectly receive any compensation for the placement of retrocessions on behalf of the reinsurer.

(b)Bind any retrocession which would increase the contractual limit made available to the reinsurance intermediary-manager by the reinsurer. However, the reinsurance intermediary-manager may bind retrocessions which reduce or limit the commitments made on behalf of the reinsurer by the reinsurance intermediary-manager. The reinsurance intermediary-manager shall promptly inform the reinsurer of the terms, conditions, and retrocessionaires of such a retrocession arranged for its account.

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Legislative history

Added by Stats. 1991, Ch. 1009, Sec. 1.