RSA 402-F:4 · Books and Records; Reinsurance Intermediary-Brokers

402-F:4 Books and Records; Reinsurance Intermediary-Brokers. –

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I.

For at least 10 years after expiration of each contract of reinsurance transacted by the RB, the RB shall keep a complete record for each transaction showing:

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(a)

The type of contract, limits, underwriting restrictions, classes or risks and territory.

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(b)

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

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(c)

Reporting and settlement requirements of balances.

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(d)

Rates used to compute the reinsurance premium.

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(e)

Names and addresses of assuming reinsurers.

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(f)

Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the RB.

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(g)

Related correspondence and memoranda.

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(h)

Proof of placement.

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(i)

Details regarding retrocessions handled by the RB, including the identity of retrocessionaires and percentage of each contract assumed or ceded.

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(j)

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

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(k)

When the RB procures a reinsurance contract on behalf of a licensed ceding insurer:

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(1)

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

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(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.

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II.

The insurer shall have access and the right to copy and audit all accounts and records maintained by the RB related to its business in a form usable by the insurer. Source. 1991, 200:1. 2007, 255:2, eff. Jan. 1, 2008.

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