Section 58-14-24 - Definition of terms.
58-14-24. Definition of terms. Terms used in §§ 58-14-24 to 58-14-42, inclusive, mean:
(1) "Actuary," any person who is a member in good standing of the American Academy of Actuaries;
(2) "Controlling person," any person who, directly or indirectly, has the power to direct or cause to be directed the management, control, or activities of the agent or broker who sells, solicits, negotiates, or places reinsurance;
(3) "Reinsurance agent or agent," any person that has authority to bind or manage 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 the reinsurer whether known as a manager or other similar term;
(4) "Reinsurance broker or broker," any person, other than an officer or employee of the ceding insurer, 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 the insurer.
Source: SL 1992, ch 345, § 1.