Wis. Admin. Code Office of the Commissioner of Insurance § Ins 47.07 - Prohibited acts
A
(1) Cede retrocessions on behalf of the
reinsurer , except that the reinsurance intermediary-manager may cede
facultative retrocessions pursuant to obligatory facultative agreements if the
contract with the reinsurer contains reinsurance underwriting guidelines for
the retrocessions. The guidelines shall include a list of reinsurers with which
the automatic agreements are in effect, and for each such reinsurer , the
coverages and amounts or percentages that may be reinsured, and commission
schedules.
(2) Commit the reinsurer
to participate in reinsurance syndicates.
(3) Appoint any producer without assuring
that the producer is lawfully licensed to transact the type of reinsurance for
which the producer is appointed.
(4) Without prior approval of the reinsurer ,
pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds
the lesser of an amount specified by the reinsurer or one percent of the
reinsurer 's policyholder surplus as of December 31 of the last complete
calendar year.
(5) Collect any
payment from a retrocessionaire or commit the reinsurer to any claim settlement
with a retrocessionaire, without prior approval of the reinsurer . If prior
approval is given, the reinsurance intermediary-manager shall promptly forward
a report to the reinsurer .
(6)
Jointly employ an individual who is employed by the reinsurer unless such
reinsurance intermediary-manager is under common control with the reinsurer and
subject to ch. 617, Stats., and ch. Ins 40, or the laws and rules of another
state which are substantially similar to ch. 617, Stats., and ch. Ins
40.
(7) Appoint a subreinsurance
intermediary-manager.
Notes
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