Reinsurance intermediary manager records. — Alaska Code § 21.27.770

§ 21.27.770. Reinsurance intermediary manager records.

In addition to any other records requirements under this chapter, a reinsurance intermediary manager shall maintain in organized form a complete 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 cancellation;

 (3) disposition of outstanding reserves on covered risks;

 (4) the reporting and settlement requirements of balances;

 (5) the rate used to compute the reinsurance premium;

 (6) the names and addresses of reinsurers;

 (7) the rate of all reinsurance commissions, including the commissions on retrocessions handled by the reinsurance intermediary broker and reinsurance intermediary manager;

 (8) related correspondence and memoranda;

 (9) proof of placement;

 (10) details regarding retrocessions handled by the reinsurance intermediary broker and reinsurance intermediary manager including the identity of retrocessionaires and the percentage of each contract assumed or ceded;

 (11) financial records of premium and loss accounts; and

 (12) if the reinsurance intermediary broker procures a reinsurance contract on behalf of an admitted ceding insurer or when the reinsurance intermediary manager places a reinsurance contract on behalf of a ceding insurer, written evidence             (A) directly from an assuming reinsurer that it has agreed to assume the risk; or

 (B) that the reinsurer had delegated binding authority to the representative, if placed through a representative of the assuming reinsurer other than an employee of the assuming reinsurer.

Article 7. Surplus Lines Brokers.