Section Ins 47.04 - Books and records-reinsurance intermediary-brokers(1) A reinsurance intermediary-broker shall keep a complete record for each transaction for at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, showing: (a) 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 of 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;(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 a licensed ceding insurer: 1. Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or2. If placed through a representative of the assuming reinsurer, other than an employe, written evidence that the reinsurer has delegated binding authority to the representative.(2) A reinsurance intermediary-broker shall give each insurer it represents access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to the insurer's business in a form usable by the insurer.Wis. Admin. Code Office of the Commissioner of Insurance Ins 47.04
Cr. Register, July, 1993, No. 451, eff. 8-1-93.