Cross References
Credit for reinsurance, see article 4A.
Law Journals and Reviews
Reinsurance Intermediaries: Law and Litigation. 29 UH L. Rev. 59 (2006).
§431:9B-104 Books and records; reinsurance intermediary-brokers. (a) For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing:
(1) The type of contract, limits, underwriting restrictions, classes or risks, and territory;
(2) Period of coverage, including effective and expiration dates, cancellation provisions, and notice required for cancellation;
(3) Reporting and settlement requirements of balances;
(4) Rate used to compute the reinsurance premium;
(5) Names and addresses of assuming reinsurers;
(6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;
(7) Related correspondence and memoranda;
(8) Proof of placement;
(9) Details regarding retrocessions handled by the reinsurance intermediary-broker including the identity of retrocessionaires and percentage of each contract assumed or ceded;
(10) Financial records, including but not limited to, premium and loss accounts; and
(11) When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer:
(A) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(B) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
(b) The insurer will have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer. [L 1992, c 176, pt of §6; am L 1993, c 6, §18]
Section: Previous 431-9a-157 431-9a-158 431-9a-159 431-9a-160 431-9b-101 431-9b-102 431-9b-103 431-9b-104 431-9b-105 431-9b-106 431-9b-107 431-9b-108 431-9b-109 431-9b-110 431-9b-111 NextLast modified: October 27, 2016