New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter II - Agents, Brokers And Adjusters
Part 32 - Reinsurance Intermediaries
Section 32.2 - Books and records of reinsurance intermediaries
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 32.2
Current through Register Vol. 46, No. 39, September 25, 2024
(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.
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