In addition to any other records requirements under this title, a reinsurance intermediary broker shall maintain in organized form a 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 cancellation; (3) the reporting and settlement requirements of balances; (4) the rate used to compute the reinsurance premium; (5) the names and addresses of reinsurers; (6) the rate of all reinsurance commissions, including the commissions on retrocessions handled by the reinsurance intermediary broker; (7) the related correspondence and memoranda; (8) the proof of placement; (9) the details regarding retrocessions handled by the reinsurance intermediary broker including the identity of retrocessionaires and the percentage of each contract assumed or ceded; (10) the financial records of premium and loss accounts; (11) if the reinsurance intermediary broker procures a reinsurance contract on behalf of an admitted ceding insurer (A) written evidence directly from an assuming reinsurer that it has agreed to nts; (11) if the reinsurance intermediary broker procures a reinsurance contract on behalf of an admitted ceding insurer (A) written evidence directly from an assuming reinsurer that it has agreed to assume the risk; or (B) written evidence, if placed through a representative of the assuming reinsurer other than an employee, that the reinsurer had delegated binding authority to the representative; and (12) additional information that is customary or that may be required by the director.
Alaska Legal Code