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- Alaska Statutes.
- Title 21. Insurance
- Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers
- Section 700. Reinsurance Intermediary Broker Records.
previous: Section 690
. Operating Requirements For Reinsurance Intermediary Brokers; Actions For Loss.
next: Section 730
. Reinsurance Intermediary Manager Qualifications.
AS 21.27.700. Reinsurance Intermediary Broker Records.
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;
- (2) the period of coverage, including effective and expiration dates, cancellation provisions, and required notice of
- (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
- (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.
Article 06. REINSURANCE INTERMEDIARY MANAGERS
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