As used in this part 9, unless the context otherwise requires:
"Controlling person" means any person, firm, association, or corporation that directlyor indirectly has the power to direct or cause to be directed, the management, control, or activities of the reinsurance intermediary.
"Insurer" means any person, firm, association, or corporation duly licensed in thisstate pursuant to applicable provisions of the insurance laws as an insurer.
"Licensed producer" means an insurance producer or reinsurance intermediary licensed in this state pursuant to applicable provisions of the insurance laws.
"Reinsurance intermediary" means a reinsurance intermediary-producer as defined insubsection (6) of this section or a reinsurance intermediary-manager as defined in subsection (5) of this section.
"Reinsurance intermediary-manager", referred to in this part 9 as "RM", means anyperson, 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 such reinsurer whether known as an RM, manager, or other similar term. Notwithstanding the provisions of this subsection (5), the following persons shall not be considered an RM, with respect to such reinsurer, for the purposes of this part 9:
An employee of the reinsurer;
A United States manager of the United States branch of an alien reinsurer;
An underwriting manager who, pursuant to contract, manages all the reinsurance operations of the reinsurer and who is under common control with the reinsurer subject to the provisions of part 8 of article 3 of this title and whose compensation is not based on the volume of premiums written;
The manager of a group, association, pool, or organization of insurers which engagein joint underwriting or joint reinsurance and are subject to examination by the commissioner or the equivalent insurance regulatory authority of the state in which the manager's principal business office is located.
"Reinsurance intermediary-producer", referred to in this part 9 as "RP", means anyperson, 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 such insurer.
"Reinsurer" means any person, firm, association, or corporation duly licensed in thisstate pursuant to the applicable provisions of the insurance laws as an insurer with the authority to assume reinsurance.
"To be in violation" means that the reinsurance intermediary, insurer, or reinsurer forwhom the reinsurance intermediary was acting failed to substantially comply with the provisions of this part 9.
Source: L. 93: Entire article R&RE, p. 1374, § 1, effective January 1, 1995. L. 2009: (4) to (6) amended, (SB 09-292), ch. 369, p. 1941, § 11, effective August 5.
Editor's note: This section is similar to former § 10-2-302 as it existed prior to 1993.