New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 17 - PRODUCER LICENSING
Subchapter 7 - REINSURANCE INTERMEDIARIES
Section 11:17-7.6 - Record maintenance
Universal Citation: NJ Admin Code 11:17-7.6
Current through Register Vol. 56, No. 6, March 18, 2024
(a) For at least 10 years after the expiration of each contract of reinsurance transacted by the reinsurance intermediary, the reinsurance intermediary shall keep a complete record for each transaction showing:
1. The type of contract, limits, underwriting
restrictions, classes or risks and territory;
2. The period of coverage, including
effective and expiration dates, cancellation provisions and notice required of
cancellation;
3. Reporting and
settlement requirement of balances;
4. The rate used to compute the reinsurance
premium;
5. The names and addresses
of assuming reinsurers;
6. The
rates of all reinsurance commissions, including the commissions on any
retrocessions handled by the reinsurance intermediary;
7. Related correspondence and
memoranda;
8. Proof of
placement;
9. Details regarding
retrocessions handled by the reinsurance intermediary, including the identity
of retrocessionaires and percentage of each contract assumed or
ceded;
10. Financial record,
including, but not limited to, premium and loss accounts; and
11. When the reinsurance intermediary
procures a reinsurance contract on behalf of a ceding licensed
insurer.
(b) All records, books and documents required to be maintained by the provisions of this subchapter shall, upon his or her request, be produced for examination by the Commission or his or her duly authorized representatives.
(c) The books and records required by this subchapter to be maintained may be maintained electronically if the following conditions are met:
1. That all the elements
required by this subchapter to be maintained are contained in the electronic
system;
2. That, upon the request
of the Department, the electronically kept records can be reproduced in
hardcopy; and
3. That, at least
every 30 days, the records maintained electronically are reproduced in hardcopy
and maintained on file for a period of five years after the termination of
coverage for an insured, or, alternatively, are maintained for said period of
five years on an electronic system that is, in the opinion of the Commissioner,
unalterable. Such a determination of unalterability shall be made by the
Commissioner, in writing, before any electronic system may be used for storage
beyond 30 days.
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