South Carolina Code 38-46-50. Records of contracts of reinsurance to be maintained for at least ten years; access by insurer
(1) the type of contract, limits, underwriting restrictions, classes or risks, and territory;
Terms Used In South Carolina Code 38-46-50
- 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.
- Insurer: means a corporation, a fraternal organization, a burial association, another association, a partnership, a society, an order, an individual, or an aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-46-20
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
- Reinsurance intermediary-broker: means a person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer. See South Carolina Code 38-46-20
- Reinsurer: means a person, a firm, an association, or a corporation licensed in this State pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. See South Carolina Code 38-46-20
- 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 notice required for cancellation;
(3) reporting and settlement requirements of balances;
(4) the rate used to compute the reinsurance premium;
(5) the names and addresses of assuming reinsurers;
(6) the rates of all reinsurance commissions, including the commissions on retrocessions handled by the reinsurance intermediary-broker;
(7) related correspondence and memoranda;
(8) proof of placement;
(9) the details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaries and percentage of each contract assumed or ceded;
(10) financial records, including, but not limited to, premium and loss accounts;
(11) when the reinsurance intermediary-broker procures a reinsurance contract on behalf of an insurer:
(a) directly from an assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(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 must have 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.