| (a) A written contract, which specifies the responsibilities
of each party, must be approved by the insurer's board of directors
or attorney in fact and executed by a responsible officer of an insurer
and a manager prior to entering into any transaction between the manager
and the insurer.
(b) A copy of the executed contract and the approval
of the insurer's board of directors or attorney in fact must be filed
by the manager with the commissioner for approval at least 30 days
before the insurer assumes or cedes any business through the manager.
(c) The contract must include the minimum requirements
specified in Insurance Code §4152.201, concerning Contract Between
Manager and Insurer. A contract that does not comply with the minimum
requirements of the Insurance Code or this section will not be considered
to have been filed with the commissioner for approval. The contract
will be approved or disapproved within 30 days of its filing.
(d) A failure to file complete and accurate information
in all material respects is grounds for disapproval of the contract
by the commissioner under Insurance Code §4152.201.
(e) Any disapproval by the commissioner of any contract
filed under this section will set forth the specific reasons for such
disapproval.
(f) If any material changes are made to the contract
filed with the commissioner, an amended contract setting forth such
changes must be filed with the commissioner for approval as if it
were a new contract.
(g) Contracts subject to this section and Insurance
Code §4152.201, must be filed using the method described on the
department's website for the purpose of determining compliance with
this section. Telephonic or fax transmissions will not constitute
proper filing under this section.
(h) This section will be cumulative of and in addition
to the requirements of Insurance Code Chapter 4053, concerning Managing
General Agents; Chapter 4152, concerning Reinsurance Intermediaries;
and Chapter 823, concerning Insurance Holding Company Systems, and
related regulations. Nothing contained in this section is intended
to exempt an insurer or its reinsurance intermediary manager from
other provisions of the Insurance Code.
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