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- Alaska Statutes.
- Title 21. Insurance
- Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers
- Section 770. Reinsurance Intermediary Manager Records.
previous: Section 760
. Operating Requirements For Reinsurance Intermediary Managers; Actions For Loss.
next: Section 790
. Surplus Lines Broker Qualifications.
AS 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
- (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 07. SURPLUS LINES BROKERS
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