Sec. 38a-760a. Definitions.
Sec. 38a-760a. Definitions. As used in sections 38a-760 to 38a-760i, inclusive:
(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 section 38a-41;
(4) "Licensed producer" means an agent or broker licensed pursuant to sections
38a-769 to 38a-800, inclusive, or licensed as a reinsurance intermediary pursuant to
section 38a-760b;
(5) "Reinsurance intermediary" means a reinsurance intermediary-broker or a reinsurance intermediary-manager as these terms are defined in subdivisions (6) and (7) of
this section;
(6) "Reinsurance intermediary-broker" means any person, other than an officer or
employee of the ceding insurer, or 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" means any person, firm, association or
corporation 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 whether known as a
reinsurance intermediary-manager, manager or other similar term. Notwithstanding any
provision to the contrary, the following persons shall not be considered a reinsurance
intermediary-manager, with respect to such reinsurer, for the purposes of sections 38a-760 to 38a-760i, inclusive: (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, is under common control with the reinsurer, subject to sections 38a-129 to
38a-140, inclusive, and whose compensation is not based on the volume of premiums
written; (D) the manager of a group, association, pool or organization of insurers which
engages 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 this title as an insurer with the
authority to assume reinsurance;
(9) "To be in violation" means that the reinsurance intermediary, or the insurer
or reinsurer for whom the reinsurance intermediary was acting, failed to substantially
comply with the provisions of sections 38a-760 to 38a-760i, inclusive;
(10) "Qualified United States Financial Institutions" means, for purposes of sections 38a-760 to 38a-760i, inclusive, 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 thereof;
(B) Is regulated, supervised and examined by United States 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 whose letters of credit will be acceptable to the
commissioner.
(P.A. 92-112, S. 23, 35; P.A. 93-57, S. 8; P.A. 94-39, S. 8.)
History: (Revisor's note: In codifying public act 92-112 certain minor grammatical and punctuation corrections were
made editorially by the Revisors in Subdivs. (7), (9) and (10) including the insertion of the words "or the" before the words
"insurer or reinsurer" in Subdiv. (9)); P.A. 93-57 amended definition of "reinsurance intermediary-manager" to include
the management of all or part of the reinsurance operation of a reinsurer; P.A. 94-39 corrected a grammatical error in
Subpara. (7) changing "is" to "are".