(a) In general.- A reinsurance manager shall keep a record of each transaction that relates to a contract of reinsurance transacted by the reinsurance manager for at least 10 years after the contract expires.
(b) Contents.- For each contract of reinsurance, the record required by this section shall include:
(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, required notice of cancellation, and disposition of outstanding reserves on covered risks;
(3) the requirements for reporting and settling balances;
(4) the rate used to compute the reinsurance premium;
(5) the names and addresses of assuming reinsurers;
(6) the rates of all reinsurance commissions, including commissions on any retrocessions handled by the reinsurance manager;
(7) proof of placement;
(8) details of retrocessions handled by the reinsurance manager, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(9) financial records, including premium and loss accounts; and
(10) any related correspondence and memoranda.
(c) Evidence of reinsurance.- In addition to the records required by this section, a reinsurance manager shall keep written evidence that the assuming reinsurer:
(1) has agreed to accept the risk, if the reinsurance manager, while acting for a ceding authorized insurer, procured a reinsurance contract directly from an assuming reinsurer; and
(2) has delegated binding authority to its representative, if the reinsurance manager, while acting for a ceding authorized insurer, procures a reinsurance contract from a representative, other than an employee, of an assuming reinsurer.
(a) In general.- A reinsurance manager shall keep a record of each transaction that relates to a contract of reinsurance transacted by the reinsurance manager for at least 10 years after the contract expires.
(b) Contents.- For each contract of reinsurance, the record required by this section shall include:
(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, required notice of cancellation, and disposition of outstanding reserves on covered risks;
(3) the requirements for reporting and settling balances;
(4) the rate used to compute the reinsurance premium;
(5) the names and addresses of assuming reinsurers;
(6) the rates of all reinsurance commissions, including commissions on any retrocessions handled by the reinsurance manager;
(7) proof of placement;
(8) details of retrocessions handled by the reinsurance manager, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(9) financial records, including premium and loss accounts; and
(10) any related correspondence and memoranda.
(c) Evidence of reinsurance.- In addition to the records required by this section, a reinsurance manager shall keep written evidence that the assuming reinsurer:
(1) has agreed to accept the risk, if the reinsurance manager, while acting for a ceding authorized insurer, procured a reinsurance contract directly from an assuming reinsurer; and
(2) has delegated binding authority to its representative, if the reinsurance manager, while acting for a ceding authorized insurer, procures a reinsurance contract from a representative, other than an employee, of an assuming reinsurer.
(a) In general.- A reinsurance manager shall keep a record of each transaction that relates to a contract of reinsurance transacted by the reinsurance manager for at least 10 years after the contract expires.
(b) Contents.- For each contract of reinsurance, the record required by this section shall include:
(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, required notice of cancellation, and disposition of outstanding reserves on covered risks;
(3) the requirements for reporting and settling balances;
(4) the rate used to compute the reinsurance premium;
(5) the names and addresses of assuming reinsurers;
(6) the rates of all reinsurance commissions, including commissions on any retrocessions handled by the reinsurance manager;
(7) proof of placement;
(8) details of retrocessions handled by the reinsurance manager, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(9) financial records, including premium and loss accounts; and
(10) any related correspondence and memoranda.
(c) Evidence of reinsurance.- In addition to the records required by this section, a reinsurance manager shall keep written evidence that the assuming reinsurer:
(1) has agreed to accept the risk, if the reinsurance manager, while acting for a ceding authorized insurer, procured a reinsurance contract directly from an assuming reinsurer; and
(2) has delegated binding authority to its representative, if the reinsurance manager, while acting for a ceding authorized insurer, procures a reinsurance contract from a representative, other than an employee, of an assuming reinsurer.
