New Jersey Statutes 17:22E-7. Records of transactions
Terms Used In New Jersey Statutes 17:22E-7
- 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.
- territory: extends to and includes any territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
a. The type of contract, limits, underwriting restrictions, classes or risks and territory;
b. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;
c. Reporting and settlement requirements of balances;
d. Rate used to compute the reinsurance premium;
e. Names and addresses of assuming reinsurers;
f. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;
g. Related correspondence and memoranda;
h. Proof of placement;
i. 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; and
k. When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a ceding licensed insurer:
(1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(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.
L.1993,c.244,s.7.