{"data":{"id":"us-ky/krs-304.9-735","jurisdiction":"us-ky","citation":"KRS 304.9-735","heading":"Reinsurers required to engage services of only licensed reinsurance","body":"managers.\n(1) A reinsurer shall not engage the services of any person, firm, association, or\ncorporation to act as a reinsurance intermediary manager on its behalf unless the\nperson is licensed as required by KRS 304.9-705(2).\n(2) The reinsurer shall annually obtain a copy of statements of the financial condition of\neach reinsurance intermediary manager which the reinsurer has engaged prepared by\nan independent certified accountant in a form acceptable to the commissioner.\n(3) If a reinsurance intermediary manager establishes loss reserves, the reinsurer shall\nannually obtain the opinion of an actuary attesting to the adequacy of loss reserves\nestablished for losses incurred and outst anding on business produced by the\nreinsurance intermediary manager. This opinion shall be in addition to any other\nrequired loss reserve certification.\n(4) Binding authority for all retrocessional contracts or participation in reinsurance\nsyndicates shall rest with an officer of the reinsurer who shall not be affiliated with\nthe reinsurance intermediary manager.\n(5) Within thirty (30) days of termination of a contract with a reinsurance intermediary\nmanager, the reinsurer shall provide written notification  of such termination to the\ncommissioner.\n(6) A reinsurer shall not appoint to its board of directors any officer, director,\nemployee, controlling shareholder, or subproducer of its reinsurance intermediary\nmanager. This subsection shall not apply to relationships governed by Subtitle 37 of\nthis chapter or, if applicable, any provisions of Subtitle 3 of this chapter on producer\ncontrolled insurers.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16976","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:41Z","sha256":"598eb8be81c004c4dea3df718d656ba51a475d40b92e7ce18723f08908e25160","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.9-730","next":"us-ky/krs-304.9-740"},"notice":"GroundRules: Original legal text. Not legal advice."}