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The DC Code: § 31-1804 Books and records; reinsurance intermediary brokers.

Index31 Insurance and Securities. (Refs & Annos)
a
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:
1
The type of contract, limits, underwriting restrictions, classes, or risks and territory;
2
Period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;
3
Reporting and settlement requirements of balances;
4
Rate used to compute the reinsurance premium;
5
Names and addresses of assuming reinsurers;
6
Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance broker;
7
Related correspondence and memoranda;
8
Proof of placement;
9
Details regarding retrocessions handled by the reinsurance broker including the identity of retrocessionaires and percentage of each contract assumed or ceded;
10
Financial records, including, but not limited to, premium and loss accounts; and
11
When the reinsurance broker procures a reinsurance contract on behalf of a licensed ceding insurer:
A
Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
B
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.
b
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

Prior Codifications 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

Credits

(Oct. 21, 1993, D.C. Law 10-47, § 5, 40 DCR 6093.)