17:22E-7 - Records of transactions - New Jersey Statutes

17:22E-7.      Records of transactions 
  7.     For at least 10 years after the 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 or risks and territory; 

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

c.     Reporting and settlement requirements of balances;

d.     Rate used to compute the reinsurance premium;

e.     Names and addresses of assuming reinsurers;

f.     Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker; 

g.     Related correspondence and memoranda;

h.     Proof of placement;

i.     Details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded; 

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

k.     When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a ceding licensed insurer: 

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

(2)    If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the assuming reinsurer has delegated binding authority to the representative. 

L.1993,c.244,s.7.