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Title 26 Insurance Code

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Change 1

What to do with it
As published

26-47-109. Prohibited acts.

(a) The reinsurance intermediary manager shall not: (i) Cede retrocessions on behalf of the reinsurer; (ii) Commit the reinsurer to participate in reinsurance syndicates; (iii) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed; (iv) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent (1%) of the reinsurer's surplus as regards policyholders as of December 31 of the last complete calendar year; (v) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report on the payment or the claim settlement shall be promptly forwarded to the reinsurer; (vi) Jointly employ an individual who is employed by the reinsurer unless the reinsurance intermediary manager is under common control with the reinsurer subject to the Insurance Holding Company Regulatory System Act; (vii) Appoint a subreinsurance intermediary manager.

Your change, as a redline

26-47-109. Prohibited acts.

(a) The reinsurance intermediary manager shall not: (i) Cede retrocessions on behalf of the reinsurer; (ii) Commit the reinsurer to participate in reinsurance syndicates; (iii) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed; (iv) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent (1%) of the reinsurer's surplus as regards policyholders as of December 31 of the last complete calendar year; (v) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report on the payment or the claim settlement shall be promptly forwarded to the reinsurer; (vi) Jointly employ an individual who is employed by the reinsurer unless the reinsurance intermediary manager is under common control with the reinsurer subject to the Insurance Holding Company Regulatory System Act; (vii) Appoint a subreinsurance intermediary manager.

One line that says what changes, such as "Halve the dog tax".

Who it helps, what it costs, what it fixes. It is what persuades people to support it.

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