Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 47 - Reinsurance intermediary regulation
Section Ins 47.04 - Books and records-reinsurance intermediary-brokers
Universal Citation: WI Admin Code ยง Ins 47.04
Current through February 26, 2024
(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;
(h) Proof of
placement;
(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;
or
2. 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.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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