Ins 47.02(2)(a) (a) The natural person is named in the application or supplement to an application for a reinsurance intermediary license and the license designates the natural person as authorized to act under the license; and

Ins 47.02(2)(b) (b) The natural person is a member or employe of a firm or association licensed as a reinsurance intermediary or is an officer, director or employe of a corporation licensed as an intermediary.

Ins 47.02(3) (3) The commissioner may require a reinsurance intermediary-manager required to be licensed under sub. (1) to:

Ins 47.02(3)(a) (a) File a bond in an amount and from an insurer acceptable to the commissioner for the protection of the reinsurer; and

Ins 47.02(3)(b) (b) Maintain an errors and omissions policy in an amount acceptable to the commissioner.

Ins 47.02(4) (4) The commissioner may issue a reinsurance intermediary license to any person who complies with the requirements of this chapter and s. Ins 6.58 or 6.59.

Ins 47.02(5) (5) If the applicant for a reinsurance intermediary license is a nonresident, the applicant, as a condition precedent to receiving or holding a license, shall:

Ins 47.02(5)(a) (a) Designate the commissioner as agent for service of process in the manner, and with the same legal effect, provided for by this chapter for designation of service of process upon unauthorized insurers; and

Ins 47.02(5)(b) (b) Furnish the commissioner with the name and address of a resident of this state upon whom notices or orders of the commissioner or process affecting the nonresident reinsurance intermediary may be served.

Ins 47.02(6) (6) A nonresident reinsurance intermediary licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and the change is not effective until acknowledged by the commissioner.

Ins 47.02(7) (7) The commissioner may refuse to issue or revoke, suspend or summarily suspend, a reinsurance intermediary license if the applicant, anyone named on the application or supplement to the application, or any member, principal, officer or director of the applicant, is not trustworthy, or any controlling person is not trustworthy or any of them has given cause for revocation or suspension of a license, or has failed to comply with any prerequisite for the issuance of a reinsurance intermediary license.

Ins 47.02(8) (8) The commissioner may refuse to issue, suspend, summarily suspend or revoke the license of a reinsurance intermediary for violation of chs. 600 to 645, Stats., a rule adopted under chs. 600 to 645, Stats., or on any grounds described in s. 628.10, Stats.

Ins 47.02(9) (9) Licensed attorneys at law who act solely in their professional capacity as attorneys are exempt from this section.

Ins 47.02 History History: Cr. Register, July, 1993, No. 451, eff. 8-1-93.

Ins 47.03 Ins 47.03 Required contract provisions-reinsurance intermediary-brokers. No reinsurance intermediary-broker or insurer may enter into an agreement or arrangement after August 1, 1993 and after September 30, 1994, no reinsurance intermediary-broker may continue an agreement or arrangement, for the reinsurance intermediary-broker to represent the insurer as a reinsurance intermediary-broker unless the reinsurance intermediary-broker obtains written authorization from the insurer, the reinsurance intermediary-broker complies with the terms of the authorization, and the authorization specifies the responsibilities of each party, including, but not limited to, the following:

Ins 47.03(1) (1) The insurer may terminate the reinsurance intermediary-broker authority at any time.

Ins 47.03(2) (2) The reinsurance intermediary-broker will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing, to the reinsurance intermediary-broker, and remit all funds due to the insurer within 30 days of receipt.

Ins 47.03(3) (3) The reinsurance intermediary-broker will hold all funds collected for the insurer’s account in a fiduciary capacity in a qualified United States financial institution.

Ins 47.03(4) (4) The reinsurance intermediary-broker will comply with s. Ins 47.04.

Ins 47.03(5) (5) The reinsurance intermediary-broker will comply with the written standards established by the insurer for the cession or retrocession of all risks.

Ins 47.03(6) (6) The reinsurance intermediary-broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.

Ins 47.03 History History: Cr. Register, July, 1993, No. 451, eff. 8-1-93.

Ins 47.04 Ins 47.04 Books and records-reinsurance intermediary-brokers.

Ins 47.04(1) (1) A reinsurance intermediary-broker shall keep a complete record for each transaction for at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, showing:

Ins 47.04(1)(a) (a) Type of contract, limits, underwriting restrictions, classes or risks and territory;

Ins 47.04(1)(b) (b) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;

Ins 47.04(1)(c) (c) Reporting and settlement requirements of balances;

Ins 47.04(1)(d) (d) Rate used to compute the reinsurance premium;

Ins 47.04(1)(e) (e) Names and addresses of assuming reinsurers;