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     60A.715 Required contract provisions; reinsurance 
  intermediary-brokers. 


    Transactions between a RB and the insurer it represents in 
 this capacity shall only be entered into pursuant to a written 
 authorization, specifying the responsibilities of each party.  
 The authorization must, at a minimum, provide that: 


    (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 30 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 that is a 
 qualified United States financial institution and may be 
 invested in direct obligations of, or obligations guaranteed or 
 insured by, the United States, its agencies, or its 
 instrumentalities, excluding mortgage-backed securities.  These 
 funds may not be invested in obligations whose maturities exceed 
 90 days; 


    (4) the RB will comply with section 60A.72; 


    (5) the RB will comply with the written standards 
 established by the insurer for the cession or retrocession of 
 all risks; and 


    (6) the RB will disclose to the insurer any relationship 
 with any reinsurer to which business will be ceded or retroceded.


    HIST: 1991 c 325 art 11 s 4; 1995 c 163 s 1

Official Publication of the State of Minnesota
Revisor of Statutes