New Jersey § 17:22E-7 Records of transactions

New Jersey Statutes

§ 17:22E-7 — Records of transactions

New Jersey § 17:22E-7

Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

This text of New Jersey § 17:22E-7 (Records of transactions) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 17:22E-7 (2026).

Text

7.For at least 10 years after the 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. Period of coverage, including effective and expiration dates, 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. Detai

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7. For at least 10 years after the 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. Period of coverage, including effective and expiration dates, 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, but not limited to, premium and loss accounts; and k. When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a ceding licensed 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 assuming reinsurer has delegated binding authority to the representative. L.1993,c.244,s.7.