Section 21.27.700. Reinsurance intermediary broker records.

In addition to any other records requirements under this title, a reinsurance intermediary broker shall maintain in organized form a 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) the reporting and settlement requirements of balances;
        (4) the rate used to compute the reinsurance premium;
        (5) the names and addresses of reinsurers;
        (6) the rate of all reinsurance commissions, including the commissions on retrocessions handled by the reinsurance intermediary broker;
        (7) the related correspondence and memoranda;
        (8) the proof of placement;
        (9) the details regarding retrocessions handled by the reinsurance intermediary broker including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
        (10) the financial records of premium and loss accounts;
        (11) if the reinsurance intermediary broker procures a reinsurance contract on behalf of an admitted ceding insurer
             (A) written evidence directly from an assuming reinsurer that it has agreed to assume the risk; or
             (B) written evidence, if placed through a representative of the assuming reinsurer other than an employee, that the reinsurer had delegated binding authority to the representative; and
        (12) additional information that is customary or that may be required by the director.

Notes

History

(Sec. 94 ch 67 SLA 1992)