11 CRR-NY 32.2NY-CRR
11 CRR-NY 32.2
11 CRR-NY 32.2
32.2 Books and records of reinsurance intermediaries.
(a) For at least 10 years after expiration of each contract of reinsurance transacted by a reinsurance intermediary, such reinsurance intermediary shall keep a complete record for each transaction showing:
(1) the type of contract, limits, underwriting restrictions, classes of risks and territory;
(2) period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation, and disposition of outstanding reserves on covered risks;
(3) reporting and settlement requirements of balances;
(4) rate used to compute the reinsurance premium;
(5) names and addresses of insurers;
(6) rates of all reinsurance commissions, including the commissions on any retrocessions handled by the intermediary;
(7) related correspondence and memos;
(8) proof of placement;
(9) details regarding retrocessions handled by the intermediary, including the identity of retrocessionaires and their percentage of each contract assumed;
(10) financial records, including but not limited to premium and loss accounts; and
(11) copies of the evidence required under section 32.1(b)(1)-(2) of this Part.
11 CRR-NY 32.2
Current through July 31, 2021
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