§ 26-47-108 — Books and records; reinsurance intermediary managers

Wyoming § 26-47-108

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 47: REINSURANCE INTERMEDIARIES

Text

(a) For at least ten (10) years after expiration of each
contract of reinsurance transacted by the reinsurance
intermediary manager, the reinsurance intermediary manager 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 and disposition of outstanding reserves on covered
risks;
(iii) Reporting and settlement requirements of
balances;
(iv) Rates used to compute the reinsurance premium;
(v) Names and addresses of reinsurers;
(vi) Rates of all reinsurance commissions, including
the commissions on any retrocessions handled by the reinsurance
intermediary manager;
(vii) Related correspondence and memoranda;
(viii) Proof of placement;
(ix) Details regarding retrocessions handled by the
reinsurance intermediary manager, as permitted by W.S.
26-47-110(d), including the identity of retrocessionaires and
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 manager places
a reinsurance contract on behalf of a 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 reinsurer shall have access and the right to copy
all accounts and records maintained by the reinsurance
intermediary manager related to its business in a form usable by
the reinsurer.