Underwriting files Clause Samples
The 'Underwriting files' clause defines the requirements and procedures for maintaining and accessing documentation related to the underwriting process. Typically, this clause specifies what records must be kept, such as risk assessments, correspondence, and decision rationales, and outlines who may access these files and under what circumstances. Its core function is to ensure that all underwriting decisions are properly documented and retrievable, thereby supporting transparency, regulatory compliance, and effective risk management.
Underwriting files. Notwithstanding subsection 2, an insurer issuing contracts of insurance to large commercial policyholders shall maintain underwriting files; premium, loss and expense statistics; claims files and records; written certification from the large commercial policyholder that it meets the criteria for a large commercial policyholder under subsection 1, paragraph B; and financial and other records with regard to such contracts that are subject to examination by the superintendent. A large commercial policyholder shall annually file a certification as a large commercial policyholder with the insurer. [PL 1999, c. 328, §1 (NEW).]