Sec. 21.27.770. Reinsurance intermediary manager records.

245 words·~1 min read·/ak/title-21/chapter-27/21-27-770

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 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.

Article 7. Surplus Lines Brokers.