{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1349.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1349.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1349.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1349.html"}],"law_id":57200,"edition_id":1,"section_id":57200,"structure_id":14993,"section_number":"38.2-1349","catch_line":"Required contract provisions; reinsurance intermediary brokers","history":"2001, c. 706.","full_text":"Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that:\n\n1\n\nThe insurer may terminate the reinsurance intermediary broker’s authority at any time;2\n\nThe reinsurance intermediary broker will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to, the reinsurance intermediary broker, and remit all funds due to the insurer within thirty calendar days of receipt;3\n\nAll funds collected for the insurer’s account will be held by the reinsurance intermediary broker in a fiduciary capacity in a bank that is a qualified United States financial institution as defined in § 38.2-1347;4\n\nThe reinsurance intermediary broker will comply with § 38.2-1350;5\n\nThe reinsurance intermediary broker will comply with the written standards established by the insurer for the cession or retrocession of all risks; and6\n\nThe reinsurance intermediary broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.","order_by":null,"text":{"0":{"id":209520,"text":"Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":209521,"text":"The insurer may terminate the reinsurance intermediary broker’s authority at any time;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":209522,"text":"The reinsurance intermediary broker will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to, the reinsurance intermediary broker, and remit all funds due to the insurer within thirty calendar days of receipt;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":209523,"text":"All funds collected for the insurer’s account will be held by the reinsurance intermediary broker in a fiduciary capacity in a bank that is a qualified United States financial institution as defined in § 38.2-1347;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":209524,"text":"The reinsurance intermediary broker will comply with § 38.2-1350;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":209525,"text":"The reinsurance intermediary broker will comply with the written standards established by the insurer for the cession or retrocession of all risks; and","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":209526,"text":"The reinsurance intermediary broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5"}},"ancestry":[{"id":14993,"edition_id":1,"name":"Licensing of Reinsurance Intermediaries","identifier":"8","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:51:22","date_modified":"2026-06-26 03:51:22","permalink":{"id":211811,"object_type":"structure","relational_id":14993,"identifier":"8","token":"38.2\/13\/8","url":"\/38.2\/13\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58348,"structure_id":14993,"section_number":"38.2-1347","catch_line":"Definitions","url":"\/38.2-1347\/","token":"38.2\/13\/8\/38.2-1347","metadata":false},{"id":73342,"structure_id":14993,"section_number":"38.2-1348","catch_line":"License requirements","url":"\/38.2-1348\/","token":"38.2\/13\/8\/38.2-1348","metadata":false},{"id":57200,"structure_id":14993,"section_number":"38.2-1349","catch_line":"Required contract provisions; reinsurance intermediary brokers","url":"\/38.2-1349\/","token":"38.2\/13\/8\/38.2-1349","metadata":false},{"id":75604,"structure_id":14993,"section_number":"38.2-1350","catch_line":"Books and records; reinsurance intermediary brokers","url":"\/38.2-1350\/","token":"38.2\/13\/8\/38.2-1350","metadata":false},{"id":65484,"structure_id":14993,"section_number":"38.2-1351","catch_line":"Duties of insurers utilizing the services of a reinsurance intermediary broker","url":"\/38.2-1351\/","token":"38.2\/13\/8\/38.2-1351","metadata":false},{"id":85577,"structure_id":14993,"section_number":"38.2-1352","catch_line":"Required contract provisions; reinsurance intermediary managers","url":"\/38.2-1352\/","token":"38.2\/13\/8\/38.2-1352","metadata":false},{"id":82758,"structure_id":14993,"section_number":"38.2-1353","catch_line":"Prohibited acts","url":"\/38.2-1353\/","token":"38.2\/13\/8\/38.2-1353","metadata":false},{"id":58188,"structure_id":14993,"section_number":"38.2-1354","catch_line":"Duties of reinsurers utilizing the services of a reinsurance intermediary manager","url":"\/38.2-1354\/","token":"38.2\/13\/8\/38.2-1354","metadata":false},{"id":87094,"structure_id":14993,"section_number":"38.2-1355","catch_line":"Examination authority","url":"\/38.2-1355\/","token":"38.2\/13\/8\/38.2-1355","metadata":false},{"id":59046,"structure_id":14993,"section_number":"38.2-1356","catch_line":"Penalties and liabilities; grounds for placing on probation, refusal to issue or renew, revocation, or suspension of license","url":"\/38.2-1356\/","token":"38.2\/13\/8\/38.2-1356","metadata":false},{"id":58156,"structure_id":14993,"section_number":"38.2-1357","catch_line":"Requirement to report to Commission","url":"\/38.2-1357\/","token":"38.2\/13\/8\/38.2-1357","metadata":false}],"previous_section":{"id":73342,"structure_id":14993,"section_number":"38.2-1348","catch_line":"License requirements","url":"\/38.2-1348\/","token":"38.2\/13\/8\/38.2-1348","metadata":false},"next_section":{"id":75604,"structure_id":14993,"section_number":"38.2-1350","catch_line":"Books and records; reinsurance intermediary brokers","url":"\/38.2-1350\/","token":"38.2\/13\/8\/38.2-1350","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1349\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapter 706<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":58348,"section_number":"38.2-1347","catch_line":"Definitions","order_by":null,"url":"\/38.2-1347\/"},{"id":75604,"section_number":"38.2-1350","catch_line":"Books and records; reinsurance intermediary brokers","order_by":null,"url":"\/38.2-1350\/"}],"permalink":{"id":211821,"object_type":"law","relational_id":57200,"identifier":"38.2-1349","token":"38.2\/13\/8\/38.2-1349","url":"\/38.2-1349\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1349\/","token":"38.2\/13\/8\/38.2-1349","dublin_core":{"Title":"Required contract provisions; reinsurance intermediary brokers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1349","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Transactions between a reinsurance intermediary broker<\/span> and the insurer<\/span> it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party<\/span>. The authorization shall, at a minimum, provide that:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The insurer<\/span> may terminate the reinsurance intermediary broker<\/span>’s authority at any time; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The reinsurance intermediary broker<\/span> will render accounts to the insurer<\/span> accurately detailing all material<\/span> transactions, including information necessary to support all commissions<\/span>, charges and other fees received by, or owing to, the reinsurance intermediary broker<\/span>, and remit all funds due to the insurer<\/span> within thirty calendar days of receipt; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> All funds collected for the insurer<\/span>’s account will be held by the reinsurance intermediary broker<\/span> in a fiduciary capacity in a bank that is a qualified United States financial institution<\/span> as defined in § 38.2-1347<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The reinsurance intermediary broker<\/span> will comply with § 38.2-1350<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The reinsurance intermediary broker<\/span> will comply with the written standards established by the insurer<\/span> for the cession or retrocession of all risks; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The reinsurance intermediary broker<\/span> will disclose to the insurer<\/span> any relationship with any reinsurer<\/span> to which business will be ceded or retroceded. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREQUIRED CONTRACT PROVISIONS; REINSURANCE INTERMEDIARY BROKERS (\u00a7 38.2-1349)\n\nTransactions between a reinsurance intermediary broker and the insurer it\nrepresents in such capacity shall only be entered into pursuant to a written\nauthorization, specifying the responsibilities of each party. The authorization\nshall, at a minimum, provide that:\n\n1. The insurer may terminate the reinsurance intermediary broker’s\nauthority at any time;\n\n2. The reinsurance intermediary broker will render accounts to the insurer\naccurately detailing all material transactions, including information necessary\nto support all commissions, charges and other fees received by, or owing to, the\nreinsurance intermediary broker, and remit all funds due to the insurer within\nthirty calendar days of receipt;\n\n3. All funds collected for the insurer’s account will be held by the\nreinsurance intermediary broker in a fiduciary capacity in a bank that is a\nqualified United States financial institution as defined in § 38.2-1347;\n\n4. The reinsurance intermediary broker will comply with § 38.2-1350;\n\n5. The reinsurance intermediary broker will comply with the written standards\nestablished by the insurer for the cession or retrocession of all risks; and\n\n6. The reinsurance intermediary broker will disclose to the insurer any\nrelationship with any reinsurer to which business will be ceded or retroceded.\n\nHISTORY: 2001, c. 706.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}