Maine Revised Statutes
Subchapter 4: REINSURANCE INTERMEDIARIES
24-A §745. Books and records; reinsurance intermediary-brokers

§745. Books and records; reinsurance intermediary-brokers
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:
A. The type of contract, limits, underwriting restrictions, classes of risks and territory; [PL 1991, c. 828, §20 (NEW).]
B. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; [PL 1991, c. 828, §20 (NEW).]
C. Reporting and settlement requirements of balances; [PL 1991, c. 828, §20 (NEW).]
D. Rate used to compute the reinsurance premium; [PL 1991, c. 828, §20 (NEW).]
E. Names and addresses of assuming reinsurers; [PL 1991, c. 828, §20 (NEW).]
F. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker; [PL 1991, c. 828, §20 (NEW).]
G. Related correspondence and memoranda; [PL 1991, c. 828, §20 (NEW).]
H. Proof of placement; [PL 1991, c. 828, §20 (NEW).]
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).]
J. Financial records, including, but not limited to, premium and loss accounts; and [PL 1991, c. 828, §20 (NEW).]
K. When the reinsurance intermediary-broker 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) 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. 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).]
SECTION HISTORY
PL 1991, c. 828, §20 (NEW).