RSA 402-F:1 · Definitions

402-F:1 Definitions. – In this chapter:

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I.

"Actuary" means a person who is a member in good standing of the American Academy of Actuaries.

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II.

"Controlling person" means any person, firm, association or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control or activities of the reinsurance intermediary.

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III.

"Insurer" means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of the insurance laws as an insurer.

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IV.

"Licensed producer" means an agent, broker or reinsurance intermediary licensed pursuant to the applicable provisions of the insurance laws.

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V.

"Reinsurance intermediary" means a reinsurance intermediary-broker or a reinsurance intermediary-manager.

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VI.

"Reinsurance intermediary-broker" or "RB" means a person, other than an officer or employee of the ceding insurer, firm, association or corporation who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without acting as a reinsurance intermediary-manager (RM) on behalf of such insurer.

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VII.

"Reinsurance intermediary-manager" or "RM" means a person, firm, association or corporation, whether known as an RM, manager, or other similar term, who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer , except the following:

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(a)

An employee of the reinsurer.

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(b)

A United States manager of the U.S. branch of an alien reinsurer.

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(c)

An underwriting manager that, pursuant to contract, manages all or part of the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to RSA 401-B, and that is not compensated on the volume of premiums written.

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(d)

The manager of a group, association, pool or organization of insurers which engage in joint underwriting or joint reinsurance but only if the group, association, pool, or organization of insurers , as distinguished from its members, is subject to examination by the insurance commissioner of the state in which the manager's principal business office is located.

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VIII.

"Reinsurer" means a person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance.

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IX.

"To be in violation" means that the reinsurance intermediary, insurer or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this chapter.

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X.

"Qualified U.S. financial institution" means an institution that:

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(a)

Is organized or, in the case of a U.S. office of a foreign banking organization, licensed, under the laws of the United States or any state thereof;

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(b)

Is regulated, supervised and examined by U.S. federal or state authorities having regulatory authority over banks and trust companies; and

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(c)

Has been determined by either the commissioner, or the Securities Valuation Office of the National Association of Insurance Commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit shall be acceptable to the commissioner. Source. 1991, 200:1. 1993, 254:6. 2007, 255:1, eff. Jan. 1, 2008.

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