§ 10-2-905 — Books and records - reinsurance intermediary-producers

Colorado § 10-2-905

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Licenses

Text

(1) For
at least ten years after expiration of each contract of reinsurance transacted by the
RP, the RP shall keep a complete record for each transaction showing:

(a) The type of contract, limits, underwriting restrictions, classes, or risks
and territory;

(b) The period of coverage, including effective and expiration dates,
cancellation provisions, and notice required of cancellation;

(c) The reporting and settlement requirements of balances;

(d) The rate used to compute the reinsurance premium;

(e) The names and addresses of assuming reinsurers;

(f) The rates of all reinsurance commissions, including the commissions on
any retrocessions handled by the RP;

(g) Related correspondence and memoranda;

(h) Proof of placement;

(i) Details regarding retrocessions handled by the RP including the identity
of retrocessionaires and the percentage of each contract assumed or ceded;

(j) Financial records, including but not limited to premium and loss accounts;
and

(k) When the RP procures a reinsurance contract on behalf of a licensed
ceding insurer:

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

(II) 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.

(2) The insurer shall have access and the right to copy and audit all accounts
and records maintained by the RP related to its business in a form usable by the
insurer.

Legislative History

Source: L. 93: Entire article R&RE, p. 1377, � 1, effective January 1, 1995.