17:22E-7 - Records of transactions
17:22E-7. Records of transactions
7. For at least 10 years after the 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:
a. The type of contract, limits, underwriting restrictions, classes or risks and territory;
b. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;
c. Reporting and settlement requirements of balances;
d. Rate used to compute the reinsurance premium;
e. Names and addresses of assuming reinsurers;
f. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;
g. Related correspondence and memoranda;
h. Proof of placement;
i. Details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded;
j. Financial records, including, but not limited to, premium and loss accounts; and
k. When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a ceding licensed insurer:
(1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(2) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the assuming reinsurer has delegated binding authority to the representative.
L.1993,c.244,s.7.