384.048. Records required to be kept by licensees — to be open to director — retention period.

261 words·~1 min read·/mo/chapter-384/384-048

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384.048. Records required to be kept by licensees — to be open to director — retention period. — Each surplus lines licensee shall keep in his office in this state a full and true record of each surplus lines insurance contract placed by or through him, including a copy of the policy, certificate, cover note, or other evidence of insurance showing such of the following items as may be applicable:

(1)Amount of the insurance and perils insured;

(2)Brief description of the property insured and its location;

(3)Gross premium charged;

(4)Any return premium paid;

(5)Rate of premium charged upon the several items of property;

(6)Effective date of the contract, and the terms thereof;

(7)Name and address of the insured;

(8)Name and address of the insurer;

(9)Amount of tax and other sums to be collected from the insured; and

(10)Identity of the producing broker, any confirming correspondence from the insurer or its representative and the application.

The record of each contract shall be kept open at all reasonable times to examination by the director without notice for a period not less than three years following termination of the contract. In lieu of maintaining offices in this state, each nonresident surplus lines licensee shall make available to the director any and all records that he deems necessary for examination. Examination costs incurred by the director in examining a nonresident surplus lines licensee shall be paid by the nonresident surplus lines licensee.

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(L. 1987 H.B. 700 § 15, A.L. 1989 S.B. 250)