§748. Books, records and powers; reinsurance intermediary-managers
1.
Records required.
For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-manager, the reinsurance intermediary-manager 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 for cancellation, and status of disposition of outstanding reserves on covered risks;
[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 reinsurers;
[PL 1991, c. 828, §20 (NEW).]
F.
Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-manager;
[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-manager including the identity of retrocessionaires and the 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-manager places a reinsurance contract on behalf of a 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)
If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
[PL 1991, c. 828, §20 (NEW).]
SECTION HISTORY
PL 1991, c. 828, §20 (NEW).