Common use of Records Required Clause in Contracts

Records Required. For at least 10 years after 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 of risks and territory; [1991, c. 828, §20 (NEW).] B. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; [1991, c. 828, §20 (NEW).] C. Reporting and settlement requirements of balances; [1991, c. 828, §20 (NEW).] X. Xxxx used to compute the reinsurance premium; [1991, c. 828, §20 (NEW).] E. Names and addresses of assuming reinsurers; [1991, c. 828, §20 (NEW).] X. Xxxxx of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker; [1991, c. 828, §20 (NEW).] G. Related correspondence and memoranda; [1991, c. 828, §20 (NEW).] X. Xxxxx of placement; [1991, c. 828, §20 (NEW).] I. Details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded; [1991, c. 828, §20 (NEW).] J. Financial records, including, but not limited to, premium and loss accounts; and [1991, c. 828, §20 (NEW).] K. When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer: (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (2) Placed through a representative of the assuming reinsurer that is not an employee, written evidence that the reinsurer has delegated binding authority to the representative. [1991, c. 828, §20 (NEW).] [ 1991, c. 828, §20 (NEW) .]

Records Required. For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-brokermanager, the reinsurance intermediary-broker manager shall keep a complete record for each transaction showing: A. The type of contract, limits, underwriting restrictions, classes of risks and territory; [1991, c. 828, §20 (NEW).] B. Period of coverage, including effective and expiration dates, cancellation provisions and notice required for cancellation, and status of cancellationdisposition of outstanding reserves on covered risks; [1991, c. 828, §20 (NEW).] C. Reporting and settlement requirements of balances; [1991, c. 828, §20 (NEW).] X. Xxxx used to compute the reinsurance premium; [1991, c. 828, §20 (NEW).] E. Names and addresses of assuming reinsurers; [1991, c. 828, §20 (NEW).] X. Xxxxx of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-brokermanager; [1991, c. 828, §20 (NEW).] G. Related correspondence and memoranda; [1991, c. 828, §20 (NEW).] X. Xxxxx of placement; [1991, c. 828, §20 (NEW).] I. Details regarding retrocessions handled by the reinsurance intermediary-broker, manager including the identity of retrocessionaires and the percentage of each contract assumed or ceded; [1991, c. 828, §20 (NEW).] J. Financial records, including, including but not limited to, premium and loss accounts; and [1991, c. 828, §20 (NEW).] K. When the reinsurance intermediary-broker procures manager places a reinsurance contract on behalf of a licensed ceding insurer: (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (2) Placed If placed through a representative of the assuming reinsurer that is not reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative. [1991, c. 828, §20 (NEW).] [ 1991, c. 828, §20 (NEW) .]] SECTION HISTORY 1991, c. 828, §20 (NEW).

Records Required. For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-brokermanager, the reinsurance intermediary-broker manager shall keep a complete record for each transaction showing: A. The type of contract, limits, underwriting restrictions, classes of risks and territory; [1991, c. 828, §20 (NEW).] B. Period of coverage, including effective and expiration dates, cancellation provisions and notice required for cancellation, and status of cancellationdisposition of outstanding reserves on covered risks; [1991, c. 828, §20 (NEW).] C. Reporting and settlement requirements of balances; [1991, c. 828, §20 (NEW).] X. Xxxx used to compute the reinsurance premium; [1991, c. 828, §20 (NEW).] E. Names and addresses of assuming reinsurers; [1991, c. 828, §20 (NEW).] X. Xxxxx of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-brokermanager; [1991, c. 828, §20 (NEW).] G. Related correspondence and memoranda; [1991, c. 828, §20 (NEW).] X. Xxxxx of placement; [1991, c. 828, §20 (NEW).]] §748. Books, records and powers; reinsurance intermediary-managers | 33 I. Details regarding retrocessions handled by the reinsurance intermediary-broker, manager including the identity of retrocessionaires and the percentage of each contract assumed or ceded; [1991, c. 828, §20 (NEW).] J. Financial records, including, including but not limited to, premium and loss accounts; and [1991, c. 828, §20 (NEW).] K. When the reinsurance intermediary-broker procures manager places a reinsurance contract on behalf of a licensed ceding insurer: (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (2) Placed If placed through a representative of the assuming reinsurer that is not reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative. [1991, c. 828, §20 (NEW).] [ 1991, c. 828, §20 (NEW) .]] SECTION HISTORY 1991, c. 828, §20 (NEW).