§ 321.8. Duties of reinsurers utilizing the services of a reinsurance intermediary-manager
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 321.8
§ 321.8. Duties of reinsurers utilizing the services of a reinsurance intermediary-manager
(a) A reinsurer shall not engage the services of any person, firm, association or corporation to act as an RM on its behalf unless such person is licensed as required by section 702(b).1
(c) If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion shall be in addition to any other required loss reserve certification.
(f) A reinsurer shall not appoint to its board of directors any officer, director, employe, controlling shareholder or subproducer of its RM. This subsection shall not apply to relationships governed by Articles XI or XII of the act of May 17, 1921 (P.L. 682, No. 284), known as “The Insurance Company Law of 1921.”2
Credits
1921, May 17, P.L. 789, No. 285, art. VII, § 708, added 1992, Dec. 18, P.L. 1496, No. 177, § 12, effective in 120 days.
40 P.S. § 321.8, PA ST 40 P.S. § 321.8
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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