§ 27-6-9-19 — Record of transactions; contents; insurer access

Indiana § 27-6-9-19

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 6: REINSURANCE; INTERINSURANCE
• Ch. 9: Reinsurance Intermediaries

Text

(a) For at least ten (10) years after the
expiration of each contract of reinsurance transacted by the RB, the RB
will keep a complete record for each transaction showing the following:
(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 RB.
(7) Related correspondence and memoranda.
(8) Proof of placement.
(9) Details regarding retrocessions handled by the RB, 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.
(11) When the RB 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 shall have access to and the right to copy and audit
all accounts and records maintained by the RB related to its business
in a form usable by the insurer.

Legislative History

As added by P.L.26-1991, SEC.26.