Montana § 33-2-1703 Books And Records -- Reinsurance Intermediary-Brokers

Montana Statutes

§ 33-2-1703 — Books And Records -- Reinsurance Intermediary-Brokers

Montana § 33-2-1703

Title 33INSURANCE AND INSURANCE COMPANIES

Ch. 2REGULATION OF INSURANCE COMPANIES

Part 17Regulation of Reinsurance Intermediaries

This text of Montana § 33-2-1703 (Books And Records -- Reinsurance Intermediary-Brokers) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 33-2-1703 (2026).

Text

33-2-1703 . Books and records -- reinsurance intermediary-brokers.

(1)For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker 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 the effective and expiration dates, cancellation provisions, and notice required for 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 reinsur

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33-2-1703 . Books and records -- reinsurance intermediary-brokers. (1) For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker 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 the effective and expiration dates, cancellation provisions, and notice required for 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 reinsurance intermediary-broker;
(g) any related correspondence and memorandums;
(h) the proof of placement;
(i) the details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of the party making the retrocession and the percentage of each contract assumed or ceded;
(j) the financial records, including but not limited to premium and loss accounts; and
(k) when the reinsurance intermediary-broker 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 the reinsurer has delegated binding authority to the representative.
(2) The insurer has access to and may copy and audit all accounts and records maintained by the reinsurance intermediary-broker that are related to the insurer's business, in a form usable by the insurer.