North Dakota § 26.1-31.1-04 Books and records - Reinsurance intermediary-brokers

North Dakota Statutes

§ 26.1-31.1-04 — Books and records - Reinsurance intermediary-brokers

North Dakota § 26.1-31.1-04

Title 26.1Insurance

Ch. 26.1-31.1Reinsurance Intermediaries

This text of North Dakota § 26.1-31.1-04 (Books and records - Reinsurance intermediary-brokers) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-31.1-04 (2026).

Text

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

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

b.Period of coverage, including the effective date and the expiration date, cancellation provisions and notice required of cancellation;

c.Reporting and settlement requirements of balances;

d.Rate used to compute the reinsurance premium;

e.Names and addresses of assuming reinsurers;

f.Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;

g.Related correspondence and memoranda;

h.Proof of placement;

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1. For at least ten years after expiration of each contract of reinsurance transacted by the
reinsurance intermediary-broker, the reinsurance intermediary-broker will keep a
complete record for each transaction showing:
a. The type of contract, limits, underwriting restrictions, classes or risks, and
territory;
b. Period of coverage, including the effective date and the expiration date,
cancellation provisions and notice required of cancellation;
c. Reporting and settlement requirements of balances;
d. Rate used to compute the reinsurance premium;
e. Names and addresses of assuming reinsurers;
f. Rates of all reinsurance commissions, including the commissions on any
retrocessions handled by the reinsurance intermediary-broker;
g. Related correspondence and memoranda;
h. Proof of placement;
i. Details regarding retrocessions handled by the reinsurance intermediary-broker,
including the identity of retrocessionaires and percentage of each contract
assumed or ceded;
j. Financial records, including premium and loss accounts; and
k. When the reinsurance intermediary-broker procures a reinsurance contract on
behalf of a licensed ceding insurer:
(1) Directly from any assuming reinsurer, written evidence that the assuming
reinsurer has agreed to assume the risk; or
(2) 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 will have access and the right to copy and audit all accounts and records
maintained by the reinsurance intermediary-broker related to its business in a form
usable by the insurer.