Rutgers Law

New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

    Chapter 22e:

      Section: 17:22e-7: Records of transactions

           7. For at least 10 years after the expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing:

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.



This section added to the Rutgers Database: 2013-06-10 16:36:30.

Older versions of 17:22e-7 (if available):

Court decisions that cite this statute: CLICK HERE.