§745. Books and records; reinsurance intermediary-brokers
1.
Records required.
For at least 10 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:
A.
The type of contract, limits, underwriting restrictions, classes of risks and territory;
[PL 1991, c. 828, §20 (NEW).]
B.
Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;
[PL 1991, c. 828, §20 (NEW).]
C.
Reporting and settlement requirements of balances;
[PL 1991, c. 828, §20 (NEW).]
D.
Rate used to compute the reinsurance premium;
[PL 1991, c. 828, §20 (NEW).]
E.
Names and addresses of assuming reinsurers;
[PL 1991, c. 828, §20 (NEW).]
F.
Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;
[PL 1991, c. 828, §20 (NEW).]
G.
Related correspondence and memoranda;
[PL 1991, c. 828, §20 (NEW).]
H.
Proof of placement;
[PL 1991, c. 828, §20 (NEW).]
I.
Details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded;
[PL 1991, c. 828, §20 (NEW).]
J.
Financial records, including, but not limited to, premium and loss accounts; and
[PL 1991, c. 828, §20 (NEW).]
K.
When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer:
[PL 1991, c. 828, §20 (NEW).]
(1)
Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(2)
Placed through a representative of the assuming reinsurer that is not an employee, written evidence that the reinsurer has delegated binding authority to the representative.
[PL 1991, c. 828, §20 (NEW).]
2.
Access.
The insurer must have access and may copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.
[PL 1991, c. 828, §20 (NEW).]
SECTION HISTORY
PL 1991, c. 828, §20 (NEW).