Section 220-RICR-90-00-2.8 - Document Retention and AuditsA. A reinsurance eligible issuer must maintain documents and records, whether paper, electronic, or in other media, sufficient to substantiate its requests for reinsurance payments made pursuant to this Part for a minimum period of 10 years and must make those documents and records available to the program upon request by the Director for purposes of verification, investigation, or audit.B. The Director may audit a reinsurance eligible issuer to assess its compliance with the requirements of this Part. The reinsurance eligible issuer must ensure that its relevant contractors, subcontractors, or agents cooperate with any audit under this Part. If an audit results in a finding of material weakness or significant deficiency with respect to compliance with any requirement of this Part, the reinsurance eligible issuer must complete all of the following: 1. Within 30 calendar days of the issuance of the final audit report, provide a written corrective action plan to the program for approval;2. Implement that plan; and3. Provide to the program written documentation of the corrective actions once taken.C. If, at the conclusion of an audit, the Director determines that a reinsurance eligible issuer received excess reinsurance payments, at the request of the Director the reinsurance eligible issuer shall return the excess payments to the program in a manner to be determined by the Director within 30 days of his or her request.220 R.I. Code R. 220-RICR-90-00-2.8
Adopted effective 12/4/2019