§ 58-9-21. Miscellaneous provisions. - North Carolina Statutes

§ 58‑9‑21. Miscellaneous provisions.

(a)        A reinsurer shallnot engage the services of any person to act as a manager on its behalf unlessthe person is licensed under G.S. 58‑9‑6 or exempted under thisArticle.

(b)        If a managerestablishes loss reserves, the reinsurer shall annually obtain the opinion ofan actuary attesting to the adequacy of loss reserves established for lossesincurred and outstanding on business produced by the manager. This opinionshall be in addition to any other required loss reserve certification.

(c)        Binding authorityfor all retrocessional contracts or participation in reinsurance syndicatesshall be given to an officer of the reinsurer who is not affiliated with themanager.

(d)        Within 30 daysafter termination of a contract with a manager, the reinsurer shall providewritten notification of the termination to the Commissioner.

(e)        A reinsurer shallnot appoint to its board of directors any officer, director, employee,controlling person, or subproducer of its manager. This Article does not applyto relationships governed by Article 19 of this Chapter or G.S. 58‑3‑165.

(f)         An intermediary issubject to examination by the Commissioner. The Commissioner shall have accessto all books, bank accounts, and records of an intermediary in a form usable tothe Commissioner. A manager may be examined as if it were the reinsurer. (1993, c. 452, s. 23; 2001‑223,s. 10.3.)