Common use of AUDIT OF RECORDS AND PROCEDURES Clause in Contracts

AUDIT OF RECORDS AND PROCEDURES. 1. REINSURER shall have the right to audit all records and procedures relating to business covered under this Agreement. Further, CEDENT agrees to complete, at the reasonable request of REINSURER and in a manner acceptable to REINSURER a process confirming the existence of policies reinsured under this Agreement. 2. REINSURER and CEDENT shall have the right to review the Statutory Financial Statements and available State Examination reports of the other party in order to monitor its statutory solvency and general financial condition.