38.2-1347 - Definitions.
§ 38.2-1347. Definitions.
As used in this article:
"Actuary" means a person who is a member in good standing of the AmericanAcademy of Actuaries.
"Business entity" means a partnership, limited partnership, limitedliability company, corporation, or other legal entity that is entitled tohold property in its own name and which is not a sole proprietorship.
"Controlling" shall have the same meaning as set forth in § 38.2-1322.
"Insurer" means any person duly licensed in this Commonwealth pursuant toChapters 10 (§ 38.2-1000 et seq.), 11 (§ 38.2-1100 et seq.), 12 (§ 38.2-1200et seq.), 25 (§ 38.2-2500 et seq.), 26 (§ 38.2-2600 et seq.), 38 (§ 38.2-3800et seq.) through 46 (§ 38.2-4600 et seq.), or 51 (§ 38.2-5100 et seq.) ofthis title.
"Licensed reinsurance intermediary" means an agent, broker or reinsuranceintermediary licensed to act as a reinsurance intermediary pursuant to theapplicable provision of this article.
"Qualified United States financial institution" means an institution that:
1. Is organized or (in the case of a United States office of a foreignbanking organization) licensed under the laws of the United States or anystate thereof;
2. Is regulated, supervised and examined by federal or state authoritieshaving regulatory authority over banks and trust companies; and
3. Has been determined by either the Commission, or the Securities ValuationOffice of the National Association of Insurance Commissioners, to meet suchstandards of financial condition and standing as are considered necessary andappropriate to regulate the quality of financial institutions whose lettersof credit will be acceptable to the Commission.
"Reinsurance intermediary" means a reinsurance intermediary broker or areinsurance intermediary manager as these terms are defined in this article.
"Reinsurance intermediary broker" means any person, other than an officeror employee of the ceding insurer, who, without the power to bind the cedinginsurer, solicits, negotiates or places reinsurance cessions or retrocessionson behalf of a ceding insurer or otherwise negotiates with a ceding insurerconcerning reinsurance cessions or retrocessions.
"Reinsurance intermediary manager" means any person who (i) has authorityto bind reinsurance risks or (ii) manages all or part of the assumedreinsurance business of a reinsurer, including the management of a separatedivision, department or underwriting office, and acts as an agent for suchreinsurer whether known as a reinsurance intermediary manager or othersimilar term. Notwithstanding the foregoing, the following persons shall notbe considered a reinsurance intermediary manager for the purposes of thisarticle, provided such person is acting in the capacity of employee or agent,as described herein, and properly discharging the duties of such employmentor agency:
1. An employee of the reinsurer;
2. A United States manager of the United States branch of an alien reinsurer;
3. An underwriting manager who, pursuant to contract, manages all or part ofthe reinsurance operations of the reinsurer, is under common control with thereinsurer, subject to Article 5 (§ 38.2-1322 et seq.) of this chapter orArticle 2 (§ 38.2-4230 et seq.) of Chapter 42 of this title, and whosecompensation is not based on the volume of premiums written;
4. The manager of a group, association, pool or organization of insurers thatengages in joint underwriting or joint reinsurance and that is subject toexamination by the supervising insurance official of the state, as defined in§ 38.2-100, in which the manager's principal business office is located; or
5. A licensed managing general agent who binds facultative reinsurancecontracts by placing individual risks pursuant to obligatory facultativeagreements and subdivision 10 of § 38.2-1360.
"Reinsurer" means any insurer licensed in this Commonwealth with theauthority to cede or accept from any insurer reinsurance pursuant to §38.2-136.
(2001, c. 706.)