(a) For at least 10 years after expiration of each contract of reinsurance transacted by it, the intermediary broker shall keep a complete record for each transaction showing:
         (1) The type of contract, limits, underwriting
    
restrictions, classes or risks, and territory.
        (2) Period of coverage, including effective and
    
expiration dates, cancellation provisions, and notice required of cancellations.
        (3) Reporting and settlement requirements of balances.
lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Illinois Compiled Statutes 215 ILCS 100/20

  • 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.

         (4) Rate used to compute the reinsurance premium.
         (5) Names and addresses of assuming reinsurers.
         (6) Rates of all reinsurance commissions, including
    
the commissions on any retrocessions handled by the intermediary broker.
        (7) Related correspondence and memoranda.
         (8) Proof of placement.
         (9) Details regarding retrocessions handled by the
    
intermediary broker including the identity of retrocessionaires and percentage of each contract assumed or ceded.
        (10) Financial records including, but not limited to,
    
premium and loss accounts.
        (11) When an intermediary broker procures a
    
reinsurance contract on behalf of a licensed ceding insurer:
            (A) directly from any assuming reinsurer, written
        
evidence that the assuming reinsurer has agreed to assume the risk;
            (B) if placed through a representative of the
        
assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
    (b) The insurer shall have access and the right to copy and audit all accounts and records maintained by the intermediary broker related to its business in a form usable by the insurer.
  Previous section
Next section  
 215 ILCS 100 Contents