Ins 47.08(1)(1) A reinsurer shall not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by s. Ins 47.02.

Ins 47.08(2)(2) A reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-manager which the reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.

Ins 47.08(3)(3) A 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 if the reinsurance intermediary-manager establishes loss reserves. This opinion is in addition to any other required loss reserve certification required under s. Ins 50.30 (1).

Ins 47.08(4)(4) A reinsurer shall require that binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be associated with the reinsurance intermediary-manager.

Ins 47.08(5)(5) Within 30 days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of the termination to the commissioner.

Ins 47.08(6)(6) A reinsurer may not appoint to its board of directors, any officer, director, employe, controlling shareholder or subproducer of its reinsurance intermediary-manager and no officer, director, employe, controlling shareholder, director or subproducer of its reinsurance intermediary-manager may accept appointment to or serve on the board of directors of the reinsurer. This subsection shall not apply to relationships governed by ch. 617, Stats., or, if applicable, ch. Ins 45 or a similar law of another state.

Ins 47.08 HistoryHistory: Cr. Register, July, 1993, No. 451, eff. 8-1-93; CR 05-066: am. (3) Register January 2006 No. 601, eff. 2-1-06.

Ins 47.09Ins 47.09 Effect of noncompliance on contract terms. A contract between a reinsurance intermediary and an insurer that violates s. Ins 47.03 or 47.06 is enforceable against the reinsurance intermediary as if it conformed to s. Ins 47.03 or 47.06.

Ins 47.10(1)(1) A reinsurance intermediary may be examined by the commissioner. A reinsurance intermediary shall give the commissioner access to all books, financial institution accounts and records of the reinsurance intermediary in a form usable to the commissioner.