Managers: Maintenance of records of transactions; access to accounts and records by reinsurer.
1. For at least 10 years after expiration of each contract of reinsurance transacted by a manager for reinsurance, he shall keep a complete record for each transaction, including evidence of:
(a) The type of contract, limits, underwriting restrictions, classes or risks and territory;
(b) The period of coverage, including effective and expiration dates, provisions concerning cancellation and notice of cancellation, and disposition of outstanding reserves on covered risks;
(c) The requirements for reporting and settling balances;
(d) The rate used to compute the reinsurance premium;
(e) The names and addresses of reinsurers;
(f) The rates of all commissions for reinsurance, including the commissions on any retrocessions handled by the manager for reinsurance;
(g) Any related correspondence and memoranda;
(h) Proof of placement;
(i) Any details regarding retrocessions handled by the manager for reinsurance, including the identity of retrocessionaires and percentage of each contract assumed or ceded;
(j) Financial records, including accounts of premium and loss; and
(k) If the manager for reinsurance places a contract of reinsurance on behalf of a ceding insurer:
(1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(2) Through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
2. The manager for reinsurance shall allow a reinsurer to have access and to copy all accounts and records maintained by him related to its business in a form usable by the reinsurer.
Last modified: February 27, 2006