For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, he will keep a complete record for each transaction showing:
Terms Used In Utah Code 31A-23a-803
Contract: A legal written agreement that becomes binding when signed.
Employee: means :
(a)
an individual employed by an employer; or
(b)
an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301
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.
Form: means one of the following prepared for general use:
for property or casualty insurance, that cost of insurance per exposure unit either expressed as:
(A)
a single number; or
(B)
a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of:
Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
Reinsurance intermediary-broker: means a person other than an officer or employee of the ceding insurer, firm, association, or corporation 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 Utah Code 31A-23a-102
Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
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.
(a)
the type of contract, limits, underwriting restrictions, classes or risks, and territory;
(b)
the period of coverage, including the effective and expiration dates, cancellation provisions, and notice required of cancellation;
(c)
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)
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 premium and loss accounts; and
(k)
when the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer:
(i)
directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(ii)
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.
(2)
The insurer will 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.
Renumbered and Amended by Chapter 298, 2003 General Session
