(215 ILCS 100/35) (from Ch. 73, par. 1635)
Sec. 35.
Books and records; reinsurance intermediary managers.
(a) For at least 10 years after expiration of each contract of
reinsurance transacted by it, the intermediary manager shall keep a complete
record for each transaction showing:
(1) The type of contract, limits, underwriting |
| restrictions, classes or risks, and territory.
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(2) Period of coverage, including effective and
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| expiration dates, cancellation provisions and notice required of cancellation, and disposition of outstanding reserves on covered risks.
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(3) Reporting and settlement requirements of balances.
(4) Rate used to compute the reinsurance premium.
(5) Names and addresses of reinsurers.
(6) Rates of all reinsurance commissions, including
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| the commissions on any retrocessions handled by the intermediary manager.
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(7) Related correspondence and memoranda.
(8) Proof of placement.
(9) Details regarding retrocessions handled by the
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| intermediary manager as permitted by subsection (d) of Section 45, including the identity of retrocessionaires and percentage of each contract assumed or ceded.
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(10) Financial records including, but not limited to,
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| premium and loss accounts.
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(11) When the intermediary manager places a
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| reinsurance contract on behalf of a ceding insurer:
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(A) directly from any assuming reinsurer, written
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| evidence that the assuming reinsurer has agreed to assume the risk;
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(B) if placed through a representative of the
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| assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
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(b) The reinsurer will have access and the right to copy all accounts
and records maintained by the intermediary manager related to its business
in a form usable by the reinsurer.
(Source: P.A. 87-108.)
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