§ 10-2-905. Books and Records – Reinsurance Intermediary-Producers

1. For at least ten years after expiration of each contract of reinsurance transacted by the RP, the RP shall keep a complete record for each transaction showing:
   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 notice required 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 assuming reinsurers;
   6. The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the RP;
   7. Related correspondence and memoranda;
   8. Proof of placement;
   9. Details regarding retrocessions handled by the RP including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
   10. Financial records, including but not limited to premium and loss accounts; and
   11. When the RP procures a reinsurance contract on behalf of a licensed ceding insurer:
       1. Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
       2. If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.
2. The insurer shall have access and the right to copy and audit all accounts and records maintained by the RP related to its business in a form usable by the insurer.

Source: L. 93: Entire article R&RE, p. 1377, § 1, effective January 1, 1995.

Editor’s note: This section is similar to former § 10-2-305 as it existed prior to 1993.