In addition to any other records requirements under this chapter, a reinsurance intermediary manager shall maintain in organized form a complete record of each transaction including
(1) the type of contract, limits, underwriting restrictions, classes or risks, and territory;
(2) the period of coverage, including effective and expiration dates, cancellation provisions, and required notice of cancellation;
(3) disposition of outstanding reserves on covered risks;
(4) the reporting and settlement requirements of balances;
(5) the rate used to compute the reinsurance premium;
(6) the names and addresses of reinsurers;
(7) the rate of all reinsurance commissions, including the commissions on retrocessions handled by the reinsurance intermediary broker and reinsurance intermediary manager;
(8) related correspondence and memoranda;
(9) proof of placement;
(10) details regarding retrocessions handled by the reinsurance intermediary broker and reinsurance intermediary manager including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(11) financial records of premium and loss accounts; and
(12) if the reinsurance intermediary broker procures a reinsurance contract on behalf of an admitted ceding insurer or when the reinsurance intermediary manager places a reinsurance contract on behalf of a ceding insurer, written evidence
(A) directly from an assuming reinsurer that it has agreed to assume the risk; or
(B) that the reinsurer had delegated binding authority to the representative, if placed through a representative of the assuming reinsurer other than an employee of the assuming reinsurer.
Section: Previous 21.27.730 21.27.740 21.27.750 21.27.760 21.27.770Last modified: November 15, 2016