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(215 ILCS 100/20) (from Ch. 73, par. 1620)
Sec. 20. Books and records; reinsurance intermediary brokers.
(a) For at least 10 years after expiration of each contract of
reinsurance transacted by it, the intermediary broker 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 cancellations.
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(3) Reporting and settlement requirements of balances.
(4) Rate used to compute the reinsurance premium.
(5) Names and addresses of assuming reinsurers.
(6) Rates of all reinsurance commissions, including
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| the commissions on any retrocessions handled by the intermediary broker.
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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 broker 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 an intermediary broker procures a
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| reinsurance contract on behalf of a licensed 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 insurer shall have access and the right to copy and audit all
accounts and records maintained by the intermediary broker related to its
business in a form
usable by the insurer.
(Source: P.A. 98-756, eff. 7-16-14.)
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