Section 321.3 - Required contract provisions for reinsurance intermediary-BrokersTransactions between an RB and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization specifying the responsibilities of each party. The authorization shall at a minimum contain provisions which provide as follows:
(1) The insurer may terminate the RB's authority at any time.(2) The RB 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 RB and remit all funds due to the insurer within thirty days of receipt.(3) All funds collected for the insurer's account will be held by the RB in a fiduciary capacity in a bank which is a qualified United States financial institution.(4) The RB will comply with section 704 . (5) The RB will comply with the written standards established by the insurer for the cession or retrocession of all risks.(6) The RB will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.1921, May 17, P.L. 789, No. 285, art. VII, § 703, added 1992, July 9, P.L. 1469, No. 177, § 12, effective in 120 days.