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304.9-715 Records of transactions of reinsurance intermediary brokers.
(1)
(2)
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:
(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 for 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 an authorized 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;
The insurer shall have access to 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.
Effective:July 14, 1992
History: Created 1992 Ky. Acts ch. 155, sec. 4, effective July 14, 1992.
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