Source: http://dccode.elaws.us/code?no=31-1806
Timestamp: 2019-12-08 23:51:56
Document Index: 246170368

Matched Legal Cases: ['§ 31', '§ 31', '§ 35', '§ 4', '§ 5', '§ 4']

§ 31-1806. Required contract provisions; reinsurance intermediary-managers.
Transactions between a reinsurance manager and the reinsurer it represents shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer's board of directors. At least 30 days before a reinsurer assumes or cedes business through such a producer, a true copy of the approved contract shall be filed with the Mayor for approval. The contract shall, at a minimum, provide that:
(3) All funds collected for the reinsurer's account will be held by the reinsurance manager in a fiduciary capacity in a bank which is a qualified United States financial institution. The reinsurance manager may retain no more than 3 months estimated claims payments and allocated loss adjustment expenses. The reinsurance manager shall maintain a separate bank account for each reinsurer that it represents.
(I) Details regarding retrocessions handled by the RM, as permitted by § 31- 1808(d), including the identity of retrocessionaires and percentage of each contract assumed or ceded;
(iii) May exceed the reinsurance manager's claims settlement authority;
(D) Any settlement authority granted to the reinsurance manager may be terminated for cause upon the reinsurer's written notice to the reinsurance manager or upon the termination of the contract. The reinsurer may suspend the settlement authority during the pendency of the dispute regarding the cause of termination.
1981 Ed., § 35-3106.
For temporary (225 day) amendment of section, see § 4(a) of Insurance Omnibus Temporary Amendment Act of 1995 (D.C. Law 11-36, September 8, 1995, law notification 42 DCR 5305).
For temporary amendment of section, see § 5(a) of the Insurance Omnibus Emergency Amendment Act of 1995 (D.C. Act 11-48, May 15, 1995, 42 DCR 2544) and § 4(a) of the Insurance Omnibus Congressional Recess Emergency Amendment Act of 1995 (D.C. Act 11-97, July 19, 1995, 42 DCR 3844).