Neb. Rev. Stat. §§ 44-5602

Current with changes through the 2024 First Special Legislative Session

Section 44-5602 - Terms, defined

For purposes of the Reinsurance Intermediary Act:

(1) Actuary shall mean a person who is a member in good standing of the American Academy of Actuaries;

(2) Controlling person shall mean any person, firm, association, or corporation which directly or indirectly has the power to direct or cause to be directed the management, control, or activities of the reinsurance intermediary;

(3) Director shall mean the Director of Insurance;

(4) Insurer shall mean any person, firm, association, or corporation holding a certificate to transact insurance business in this state;

(5) Licensed producer shall mean an agent, broker, or reinsurance intermediary licensed pursuant to Chapter 44;

(6) Qualified United States financial institution shall mean an institution that:

(a) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state;

(b) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies; and

(c) Has been determined by either the director 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 the letters of credit of which will be acceptable to the director;

(7) Reinsurance intermediary shall mean a reinsurance intermediary-broker or a reinsurance intermediary-manager;

(8) Reinsurance intermediary-broker shall mean any person other than an officer or employee of the ceding insurer, firm, association, or corporation which solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer;

(9) Reinsurance intermediary-manager shall mean any person, firm, association, or corporation which 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 whether known as a reinsurance intermediary-manager, manager, or other similar term.

Reinsurance intermediary-manager shall not include:

(a) An employee of the reinsurer;

(b) A United States manager of the United States branch of an alien reinsurer;

(c) An underwriting manager which, pursuant to contract, manages all or part of the reinsurance operations of the reinsurer, which is under common control with the reinsurer subject to the Insurance Holding Company System Act, and the compensation of which is not based on the volume of premiums written; or

(d) The manager of a group, association, pool, or organization of insurers which engages in joint underwriting or joint reinsurance and which is subject to examination by the director, commissioner, or equivalent official of the state in which the manager's principal business office is located; and

(10) Reinsurer shall mean an insurer with the authority to assume reinsurance.

Neb. Rev. Stat. §§ 44-5602

Laws 1992, LB 1006, § 56; Laws 1993, LB 583, § 112.