2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521C - REINSURANCE INTERMEDIARIES
521C.5 - BOOKS AND RECORDS -- REINSURANCE INTERMEDIARY-BROKERS.

        521C.5  BOOKS AND RECORDS -- REINSURANCE
      INTERMEDIARY-BROKERS.
         1.  For a minimum of ten 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 all of the following:
         a.  The type of contract, limits, underwriting restrictions,
      classes or risks, and territory.
         b.  The period of coverage, including effective and expiration
      dates, cancellation provisions, and notice required of 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.  All related correspondence and memoranda.
         h.  Proof of placement.
         i.  The 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.
         k.  If the reinsurance intermediary-broker procures a
      reinsurance contract on behalf of a licensed ceding insurer one or
      both of the following shall be included in the record:
         (1)  Directly from any assuming reinsurer, written evidence that
      the assuming reinsurer has agreed to assume the risk.
         (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.
         2.  The insurer has a right of 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.  

         91 Acts, ch 26, §23
         Referred to in § 521C.4