§ 27-52-5 - Books and records – Reinsurance intermediary brokers. - Rhode Island Statutes

SECTION 27-52-5

   § 27-52-5  Books and records –Reinsurance intermediary brokers. – (a) For at least ten (10) years after the expiration of each contract ofreinsurance transacted by the RB, the RB will keep a complete record for eachtransaction showing:

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

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

   (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 retrocessionaries and percentage of each contractassumed or ceded;

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

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

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

   (ii) If placed through a representative of the assumingreinsurer, other than an employee, written evidence that the reinsurer hasdelegated binding authority to the representative.

   (b) The insurer will have access and the right to copy andaudit all accounts and records maintained by the RB related to its business ina form usable by the insurer.