§431:9B-104  Books and records; reinsuranceintermediary-brokers.  (a)  For at least ten years after expiration of eachcontract of reinsurance transacted by the reinsurance intermediary-broker, thereinsurance intermediary-broker shall keep a complete record for eachtransaction showing:

(1)  The type of contract, limits, underwritingrestrictions, classes or risks, and territory;

(2)  Period of coverage, including effective andexpiration dates, cancellation provisions, and notice required for cancellation;

(3)  Reporting and settlement requirements ofbalances;

(4)  Rate used to compute the reinsurance premium;

(5)  Names and addresses of assuming reinsurers;

(6)  Rates of all reinsurance commissions, includingthe commissions on any retrocessions handled by the reinsuranceintermediary-broker;

(7)  Related correspondence and memoranda;

(8)  Proof of placement;

(9)  Details regarding retrocessions handled by thereinsurance intermediary-broker including the identity of retrocessionaires andpercentage of each contract assumed or ceded;

(10)  Financial records, including but not limited to,premium and loss accounts; and

(11)  When the reinsurance intermediary-broker procuresa reinsurance contract on behalf of a licensed ceding insurer:

(A)  Directly from any assuming reinsurer,written evidence that the assuming reinsurer has agreed to assume the risk; or

(B)  If placed through a representative of theassuming reinsurer, other than an employee, written evidence that the reinsurerhas delegated binding authority to the representative.

(b)  The insurer will have access and the rightto copy and audit all accounts and records maintained by the reinsuranceintermediary-broker related to its business in a form usable by the insurer. [L1992, c 176, pt of §6; am L 1993, c 6, §18]