N.Y. Comp. Codes R. & Regs. tit. 11 § 32.2

Current through Register Vol. 46, No. 24, June 12, 2024

Section 32.2 - Books and records of reinsurance intermediaries

(a) For at least 10 years after expiration of each contract of reinsurance transacted by a reinsurance intermediary, such reinsurance intermediary shall keep a complete record for each transaction showing:

(1) the type of contract, limits, underwriting restrictions, classes of risks and territory;

(2) period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation, and disposition of outstanding reserves on covered risks;

(3) reporting and settlement requirements of balances;

(4) rate used to compute the reinsurance premium;

(5) names and addresses of insurers;

(6) rates of all reinsurance commissions, including the commissions on any retrocessions handled by the intermediary;

(7) related correspondence and memos;

(8) proof of placement;

(9) details regarding retrocessions handled by the intermediary, including the identity of retrocessionaires and their percentage of each contract assumed;

(10) financial records, including but not limited to premium and loss accounts; and

(11) copies of the evidence required under section 32.1(b)(1)-(2) of this Part.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 32.2