Iowa Code 521C.5 – Books and records — reinsurance intermediary-brokers
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Terms Used In Iowa Code 521C.5
- 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.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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.
521C.5 Books and records — reinsurance intermediary-brokers.
1. For a minimum of ten years after expiration of each contract of reinsurance transacted
by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following:
a. The type of contract, limits, underwriting restrictions, classes or risks, and territory.
b. The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation.
c. The reporting and settlement requirements of balances.
d. The rate used to compute the reinsurance premium.
e. The names and addresses of assuming reinsurers.
f. The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker.
g. All related correspondence and memoranda.
h. Proof of placement.
i. The 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.
k. If the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer one or both of the following shall be included in the record:
(1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk.
(2) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the assuming reinsurer has delegated binding authority to the representative.
2. The insurer has a right of access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.
91 Acts, ch 26, §23
Referred to in §521C.4
1. For a minimum of ten years after expiration of each contract of reinsurance transacted
by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following:
a. The type of contract, limits, underwriting restrictions, classes or risks, and territory.
b. The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation.
c. The reporting and settlement requirements of balances.
d. The rate used to compute the reinsurance premium.
e. The names and addresses of assuming reinsurers.
f. The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker.
g. All related correspondence and memoranda.
h. Proof of placement.
i. The 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.
k. If the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer one or both of the following shall be included in the record:
(1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk.
(2) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the assuming reinsurer has delegated binding authority to the representative.
2. The insurer has a right of access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.
91 Acts, ch 26, §23
Referred to in §521C.4