Sec. 38a-760d. Record of transactions. Insurers' right to access.
Sec. 38a-760d. Record of transactions. Insurers' right to access. (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) the period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; (3) reporting
and settlement requirements of balances; (4) the 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 such reinsurer has delegated binding authority to the representative.
(b) The insurer shall 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.
(P.A. 92-112, S. 26, 35.)