1. 1. Records required For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing:

   1. A. The type of contract, limits, underwriting restrictions, classes of risks and territory;

      [PL 1991, c. 828, §20 (NEW).]

   2. B. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;

      [PL 1991, c. 828, §20 (NEW).]

   3. C. Reporting and settlement requirements of balances;

      [PL 1991, c. 828, §20 (NEW).]

   4. D. Rate used to compute the reinsurance premium;

      [PL 1991, c. 828, §20 (NEW).]

   5. E. Names and addresses of assuming reinsurers;

      [PL 1991, c. 828, §20 (NEW).]

   6. F. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;

      [PL 1991, c. 828, §20 (NEW).]

   7. G. Related correspondence and memoranda;

      [PL 1991, c. 828, §20 (NEW).]

   8. H. Proof of placement;

      [PL 1991, c. 828, §20 (NEW).]

   9. I. Details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded;

      [PL 1991, c. 828, §20 (NEW).]

   10. J. Financial records, including, but not limited to, premium and loss accounts; and

       [PL 1991, c. 828, §20 (NEW).]

   11. K. When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer:

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

       2. (2) Placed through a representative of the assuming reinsurer that is not an employee, written evidence that the reinsurer has delegated binding authority to the representative.

          [PL 1991, c. 828, §20 (NEW).]

   [PL 1991, c. 828, §20 (NEW).]

2. 2. Access The insurer must have access and may copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.

   [PL 1991, c. 828, §20 (NEW).]

PL 1991, c. 828, §20 (NEW).