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

   1. (a) Type of contract, limits, underwriting restrictions, classes or risks and territory;
   2. (b) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;
   3. (c) Reporting and settlement requirements of balances;
   4. (d) Rate used to compute the reinsurance premium;
   5. (e) Names and addresses of assuming reinsurers;
   6. (f) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;
   7. (g) Related correspondence and memoranda;
   8. (h) Proof of placement;
   9. (i) Details regarding retrocessions handled by the reinsurance intermediary-broker including the identity of retrocessionaires and percentage of each contract assumed or ceded;
   10. (j) Financial records, including but not limited to, premium and loss accounts; and

   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. If placed through a representative of the assuming reinsurer, other than an employe, written evidence that the reinsurer has delegated binding authority to the representative.
2. (2) A reinsurance intermediary-broker shall give each insurer it represents access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to the insurer’s business in a form usable by the insurer.

History

History: Cr. Register, July, 1993, No. 451, eff. 8-1-93.