33-49-5. Retention of records.

For at least ten years after expiration of each contract of reinsurance transacted by the broker, the broker will keep a complete record for each transaction showing:#

1. (1)

   The type of contract, limits, underwriting restrictions, classes or risks, and territory;#

2. (2)

   The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;#

3. (3)

   Reporting and settlement requirements of balances;#

4. (4)

   The rate used to compute the reinsurance premium;#

5. (5)

   The names and addresses of assuming reinsurers;#

6. (6)

   Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the broker;#

7. (7)

   Related correspondence and memoranda;#

8. (8)

   Proof of placement;#

9. (9)

   Details regarding retrocessions handled by the broker including the identity of retrocessionaires and the percentage of each contract assumed or ceded;#

10. (10)

    Financial records, including, but not limited to, premium and loss accounts; and#

11. (11)

    When the broker procures a reinsurance contract on behalf of a licensed ceding insurer:#

    1. (A)

       Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or#

    2. (B)

       If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such 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 broker related to its business in a form usable by the insurer.#