Okla. Stat. tit. 36, § 36-5109
This is the official text of Okla. Stat. tit. 36, § 36-5109, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Duties of reinsurer
Official statutory text
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 the Reinsurance
Intermediary Act.
B. The reinsurer shall annually obtain a copy of statements of
the financial condition of each RM which such reinsurer has engaged,
prepared by an independent certified accountant in a form acceptable
to the Commissioner.
C. If an RM establishes loss reserves, the reinsurer annually
shall 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.
D. 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 RM.
E. Within thirty (30) days of termination of a contract with an
RM, the reinsurer shall provide written notification of such
termination to the Commissioner.
F. A reinsurer shall not appoint to its board of directors, any
officer, director, employee, controlling shareholder or subproducer
of its RM. This subsection shall not apply to relationships
governed by Article 16A of the Insurance Code or, if applicable, the
Business Transacted with Producer Controlled Insurer Act.
firm, association or corporation to act as an RM on its behalf
unless such person is licensed as required by the Reinsurance
Intermediary Act.
B. The reinsurer shall annually obtain a copy of statements of
the financial condition of each RM which such reinsurer has engaged,
prepared by an independent certified accountant in a form acceptable
to the Commissioner.
C. If an RM establishes loss reserves, the reinsurer annually
shall 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.
D. 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 RM.
E. Within thirty (30) days of termination of a contract with an
RM, the reinsurer shall provide written notification of such
termination to the Commissioner.
F. A reinsurer shall not appoint to its board of directors, any
officer, director, employee, controlling shareholder or subproducer
of its RM. This subsection shall not apply to relationships
governed by Article 16A of the Insurance Code or, if applicable, the
Business Transacted with Producer Controlled Insurer Act.
Status: in_force · Read it on the official government site
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