Books and Records definition
Examples of Books and Records in a sentence
The Reinsurer (or its duly authorized Representative) and the Connecticut Insurance Department, may, at any reasonable time and upon reasonable notice, inspect and audit such Books and Records, and shall have reasonable access to appropriate personnel of the Ceding Company.
All Books and Records of the Ceding Company and the Reinsurer shall be identifiable and segregated from all other persons’ books and records or readily capable of segregation at no additional cost to any liquidator, receiver, or statutory successor and a complete set of Books and Records shall be made immediately available to any liquidator, receiver or statutory successor or the applicable Commissioner in the event either Party is placed in supervision, seizure, conservatorship, or receivership.
The Ceding Company shall maintain all Books and Records that relate to this Agreement and the Business Reinsured in accordance with industry standards of insurance record keeping and shall maintain an adequate system of internal controls and procedures for financial reporting relating to the Business Reinsured.