375.1120. Records to be maintained by broker, duration--contents. - Missouri Statutes

Records to be maintained by broker, duration--contents.

375.1120. 1. For at least twenty-three years afterexpiration of each contract of reinsurance of medical malpracticeinsurance and transacted by the RB, and for at least ten yearsafter expiration of each contract of reinsurance or any otherinsurance transacted by the RB, the RB shall keep a completerecord for each transaction showing:

(1) The type of contract, limits, underwritingrestrictions, classes or risks and territory;

(2) Period of coverage, including effective and expirationdates, cancellation provisions and notice required ofcancellation;

(3) Reporting and settlement requirements of balances;

(4) Rate used to compute the reinsurance premium;

(5) Names and addresses of assuming reinsurers;

(6) Rates of all reinsurance commissions, including thecommissions on any retrocessions handled by the RB;

(7) Related correspondence and memoranda;

(8) Proof of placement;

(9) Details regarding retrocessions handled by the RBincluding the identity of retrocessionaires and percentage ofeach contract assumed or ceded;

(10) Financial records, including, but not limited to,premium and loss accounts; and

(11) When the RB procures a reinsurance contract on behalfof a licensed ceding insurer:

(a) Directly from any assuming reinsurer, written evidencethat the assuming reinsurer has agreed to assume the risk; or

(b) If placed through a representative of the assumingreinsurer, other than an employee, written evidence that suchreinsurer has delegated binding authority to the representative.

2. The insurer shall have access and the right to copy andaudit all accounts and records maintained by the RB related toits business in a form usable by the insurer.

(L. 1991 H.B. 385, et al. § 41)

Effective 7-1-92