27-5A-13
Section 27-5A-13 Utilization of services of reinsurance intermediary. No insurer or reinsurer
may continue to utilize the services of a reinsurance intermediary on and after May 17, 1993,
unless utilization is in compliance with this chapter. (Acts 1993, No. 93-673, p. 1215, §15.)...

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27-5A-9
Section 27-5A-9 Duties of reinsurers utilizing services of reinsurance intermediary-manager.
(a) A reinsurer shall not engage the services of any person, firm, association, or corporation
to act as a reinsurance intermediary-manager on its behalf unless such person is licensed
as required by subsection (b) of Section 27-5A-3. (b) The reinsurer shall annually obtain
a copy of statements of the financial condition of each reinsurance intermediary-manager which
such reinsurer has engaged prepared by an independent certified accountant in a form acceptable
to the commissioner. (c) If a reinsurance intermediary-manager 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
reinsurance intermediary-manager. This opinion shall be in addition to any other required
loss reserve certification. (d) Binding authority for all retrocessional...
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27-31B-13
Section 27-31B-13 Reinsurance. (a) A captive insurance company may provide reinsurance, as
authorized in this title, on risks ceded by any other insurer. (b) A captive insurance company
may take credit for reserves on risks or portions of risks ceded to reinsurers complying with
subdivisions (1) through (4) of subsection (c) of Section 27-5-12. A captive insurer shall
not take credit for the reserves on risks or portions of risks ceded to reinsurers not complying
with subdivisions (1) through (4) of subsection (c) of Section 27-5-12. (c) For all purposes
of this chapter, insurance by a captive insurance company of any workers' compensation qualified
self-insured plan of its parent and affiliates shall be deemed to be reinsurance. (Act 2006-509,
p. 1153, §1.)...
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27-5B-18
Section 27-5B-18 Notice by domiciliary liquidator. The reinsurance agreement may provide that
the domiciliary liquidator of an insolvent ceding insurer shall give written notice to the
assuming insurer of the pendency of a claim against the ceding insurer on the contract within
a reasonable time after the claim is filed in the liquidation proceeding. During the pendency
of the claim, any assuming insurer may investigate the claim and interpose, at its own expense,
in the proceeding where the claim is to be adjudicated any defenses which it deems available
to the ceding insurer, or its liquidator. The expense may be filed as a claim against the
insolvent ceding insurer to the extent of a proportionate share of the benefit which may accrue
to the ceding insurer solely as a result of the defense undertaken by the assuming insurer.
Where two or more assuming insurers are involved in the same claim and a majority in interest
elect to interpose a defense to the claim, the expense shall be...
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27-27-48
Section 27-27-48 Bulk reinsurance - Domestic mutual insurers. (a) A domestic mutual insurer
may reinsure all, or substantially all, its business in force or all, or substantially all,
of a major class thereof with another insurer, stock or mutual, by an agreement of bulk reinsurance
after compliance with this section. No such agreement shall become effective unless filed
with the commissioner and approved by him in writing after a hearing thereon. (b) The commissioner
shall approve such agreement within a reasonable time after filing if he finds it to be fair
and equitable to each domestic insurer involved, and that such reinsurance if effectuated
would not substantially reduce the protection or service to its policyholders. If the commissioner
does not so approve, he shall so notify each insurer involved in writing, specifying his reasons
therefor. (c) The plan and agreement for such reinsurance must be approved by vote of not
less than two-thirds of each domestic mutual insurer's...
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27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and
other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
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27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance is ceded
to an assuming insurer that is certified by the commissioner as a reinsurer in this state
and secures its obligations in accordance with the requirements of this section. In order
to be eligible for certification, the assuming insurer shall meet all of the following requirements:
(1) The assuming insurer must be domiciled and licensed to transact insurance or reinsurance
in a qualified jurisdiction, as determined by the commissioner pursuant to subsection (c).
(2) The assuming insurer must maintain minimum capital and surplus, or its equivalent, in
an amount to be determined by the commissioner pursuant to regulation. (3) The assuming insurer
must maintain financial strength ratings from two or more rating agencies deemed acceptable
by the commissioner pursuant to regulation. (4) The assuming insurer must agree to submit
to the jurisdiction of this state, appoint the commissioner as its agent...
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27-5B-5
Section 27-5B-5 Accredited reinsurer. Credit shall be allowed when the reinsurance is ceded
to an assuming insurer that is accredited by the commissioner as a reinsurer in this state.
In order to be eligible for accreditation, a reinsurer must do all of the following: (1) File
with the commissioner evidence of its submission to this state's jurisdiction. (2) Submit
to this state's authority to examine its books and records. (3) Be licensed to transact insurance
or reinsurance in at least one state, or in the case of a U.S. branch of an alien assuming
insurer, be entered through and licensed to transact insurance or reinsurance in at least
one state. (4) File annually with the commissioner a copy of its annual statement filed with
the insurance department of its state of domicile and a copy of its most recent audited financial
statement. (5) Demonstrate to the satisfaction of the commissioner that it has adequate financial
capacity to meet its reinsurance obligations and is otherwise...
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27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial
institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid
claims of its U.S. ceding insurers, their assigns and successors in interest. To enable the
commissioner to determine the sufficiency of the trust fund, the assuming insurer shall report
annually to the commissioner information substantially the same as that required to be reported
on the NAIC Annual Statement form by licensed insurers. The assuming insurer shall submit
to examination of its books and records by the commissioner and bear the expense of examination.
(b)(1) Credit for reinsurance shall not be granted under this section unless the form of the
trust and any amendments to the trust have been approved by either: a. The commissioner of
the state where the trust is domiciled. b. The commissioner of...
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27-27-21
Section 27-27-21 Domestic mutual insurers - Membership. (a) Each policyholder of a domestic
mutual insurer, other than of a reinsurance contract, is a member of the insurer with all
rights and obligations of such membership, and the policy shall so specify. (b) Any individual,
or firm or any public or private corporation, board, or association in this state, or elsewhere,
may make application, enter into agreements for, and hold policies in any such mutual insurer.
Any officer, stockholder, trustee, or local representative of any such corporation, board,
association, or estate may be recognized as acting for, or on its behalf for, the purpose
of such membership, but shall not be personally liable upon such contract of insurance by
reason of acting in such representative capacity. The right of any corporation organized under
the laws of this state to participate as a member of any such insurer is declared to be incidental
to the purpose for which the corporation is organized and as much...
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