- For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance broker, the reinsurance broker will keep a complete record for each transaction showing:
- The type of contract, limits, underwriting restrictions, classes, or risks and territory;
- Period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;
- Reporting and settlement requirements of balances;
- Rate used to compute the reinsurance premium;
- Names and addresses of assuming reinsurers;
- Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance broker;
- Related correspondence and memoranda;
- Proof of placement;
- Details regarding retrocessions handled by the reinsurance broker including the identity of retrocessionaires and percentage of each contract assumed or ceded;
- Financial records, including, but not limited to, premium and loss accounts; and
- When the reinsurance broker procures a reinsurance contract on behalf of a licensed ceding insurer:
- Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
- If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
- The insurer will have access and the right to copy and audit all accounts and records maintained by the reinsurance broker related to its business in a form usable by the insurer.
Historical and Statutory
1981 Ed., § 35-3104.
Legislative History of Laws
For legislative history of D.C. Law 10-47, see Historical and Statutory Notes following § 31-1801.
DC CODE § 31-1804
Current through December 11, 2012
(Oct. 21, 1993, D.C. Law 10-47, § 5, 40 DCR 6093.)