Sec. 21.27.700. Reinsurance intermediary broker records.

228 words·~1 min read·/ak/title-21/chapter-27/21-27-700

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.

Article 6. Reinsurance Intermediary Managers.