1. 1. Records required For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-manager, the reinsurance intermediary-manager 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 for cancellation, and status of disposition of outstanding reserves on covered risks;

      [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 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-manager;

      [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-manager including the identity of retrocessionaires and the 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-manager places a reinsurance contract on behalf of a ceding insurer:

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

       2. (2) If placed through a representative of the assuming reinsurer, other than 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).]

PL 1991, c. 828, §20 (NEW).