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Arizona Revised Statutes Title 20. Insurance § 20-486.02. Required contract provisions; reinsurance intermediary brokers

Current as of January 01, 2025 | Updated by Findlaw Staff

A reinsurance intermediary broker and the insurer it represents as a reinsurance intermediary shall enter into a written contract that specifies the responsibilities of each party. The contract at a minimum shall provide that:

1. The insurer may terminate the reinsurance intermediary broker's authority at any time.

2. The reinsurance intermediary broker shall render accounts to the insurer that accurately detail all material transactions, including information necessary to support all commissions, charges and other fees received by or owed to the reinsurance intermediary broker, and shall remit all monies due to the insurer within thirty days of receipt.

3. All monies collected for the insurer's account be held in a fiduciary capacity by the reinsurance intermediary broker in a bank that is a qualified United States financial institution as defined in § 20-486.

4. The reinsurance intermediary broker comply with the provisions of § 20-486.03.

5. The reinsurance intermediary broker comply with the written standards that are established by the insurer for the cession or retrocession of all risks.

6. The reinsurance intermediary broker disclose to the insurer a relationship it has with a reinsurer to which business will be ceded or retroceded.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 20. Insurance § 20-486.02. Required contract provisions; reinsurance intermediary brokers - last updated January 01, 2025 | https://codes.findlaw.com/az/title-20-insurance/az-rev-st-sect-20-486-02/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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