§ 26-47-105 — Books and records; reinsurance intermediary brokers

(a) For at least ten (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:
(i) The type of contract, limits, underwriting
restrictions, classes or risks and territory;
(ii) Period of coverage, including effective and
expiration dates, cancellation provisions and notice required of
cancellation;
(iii) Reporting and settlement requirements of
balances;
(iv) Rates used to compute the reinsurance premium;
(v) Names and addresses of assuming reinsurers;
(vi) Rates of all reinsurance commissions, including
the commissions on any retrocessions handled by the reinsurance
intermediary broker;
(vii) Related correspondence and memoranda;
(viii) Proof of placement;
(ix) Details regarding retrocessions handled by the
reinsurance intermediary broker including the identity of
retrocessionaires and the percentage of each contract assumed or
ceded;
(x) Financial records, including but not limited to,
premium and loss accounts; and
(xi) When the reinsurance intermediary broker
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 assuming reinsurer has delegated binding authority to
the representative.
(b) The insurer shall 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.