In addition to any other records requirements under this title, a reinsurance intermediary broker shall maintain in organized form a record of each transaction including

(1) the type of contract, limits, underwriting restrictions, classes or risks, and territory;
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Terms Used In Alaska Statutes 21.27.700

  • Contract: A legal written agreement that becomes binding when signed.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) the period of coverage, including effective and expiration dates, cancellation provisions, and required notice of cancellation;
(3) the reporting and settlement requirements of balances;
(4) the rate used to compute the reinsurance premium;
(5) the names and addresses of reinsurers;
(6) the rate of all reinsurance commissions, including the commissions on retrocessions handled by the reinsurance intermediary broker;
(7) the related correspondence and memoranda;
(8) the proof of placement;
(9) the details regarding retrocessions handled by the reinsurance intermediary broker including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(10) the financial records of premium and loss accounts;
(11) if the reinsurance intermediary broker procures a reinsurance contract on behalf of an admitted ceding insurer

(A) written evidence directly from an assuming reinsurer that it has agreed to assume the risk; or
(B) written evidence, if placed through a representative of the assuming reinsurer other than an employee, that the reinsurer had delegated binding authority to the representative; and
(12) additional information that is customary or that may be required by the director.
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