Section 21.27.770. Reinsurance intermediary manager records.

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.

Notes

History

(Sec. 94 ch 67 SLA 1992)