Oklahoma § 36-5102 - Definitions

§ 36-5102. Definitions

As used in the Reinsurance Intermediary Act:

1. "Actuary" means a person who is a member in good standing of

the American Academy of Actuaries;

2. "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;

3. "Insurer" means any person, firm, association or corporation

duly licensed in this state pursuant to the applicable provisions of

the Oklahoma Insurance Code as an insurer;

4. "Licensed producer" means an agent, broker or reinsurance

intermediary licensed in this state pursuant to the applicable

provision of the Oklahoma Insurance Code;

5. "Reinsurance intermediary" means a reinsurance intermediary

broker or a reinsurance intermediary manager as these terms are

defined in this section;

6. "Reinsurance intermediary broker" (RB) means any 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 the authority or power to bind reinsurance on behalf of such

insurer;

7. "Reinsurance intermediary manager" (RM) means any person,

firm, association or corporation that 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 an RM, manager or other similar term.

The following persons shall not be considered RMs, with respect to a

reinsurer, for the purposes of the Reinsurance Intermediary Act:

a.

an employee of the reinsurer,

b.

a U.S. manager of the United States branch of an alien

reinsurer,

Oklahoma Statutes - Title 36. Insurance

c.

an underwriting manager which, pursuant to contract,

manages all the reinsurance operations of the

reinsurer, is under common control with the reinsurer,

subject to Article 16A of the Insurance Code, and

whose compensation is not based on the volume of

premiums written, or

d.

the manager of a group, association, pool or

organization of insurers which engage in joint

underwriting or joint reinsurance and who are subject

to examination by the Insurance Commissioner of the

state in which the manager's principal business office

is located;

8. "Reinsurer" means any person, firm, association or

corporation duly licensed in this state pursuant to the applicable

provisions of the Oklahoma Insurance Code as an insurer with the

authority to assume reinsurance;

9. "To be in violation" means failure by the reinsurance

intermediary, insurer, reinsurer, or reinsurer for whom the

reinsurance intermediary was acting to substantially comply with the

provisions of the Reinsurance Intermediary Act; and

10. "Qualified United States financial institution" means an

institution that:

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,

b.

is regulated, supervised and examined by U.S. federal

or state authorities having regulatory authority over

banks and trust companies, and

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.

Added by Laws 1992, c. 178, § 23, eff. Sept. 1, 1992.