1. For at least 10 years after expiration of each contract of reinsurance transacted by a manager for reinsurance, the manager for reinsurance shall keep a complete record for each transaction, including evidence of: (a) The type of contract, limits, underwriting restrictions, classes or risks and territory; (b) The period of coverage, including effective and expiration dates, provisions concerning cancellation and notice of cancellation, and disposition of outstanding reserves on covered risks; (c) The requirements for reporting and settling balances; (d) The rate used to compute the reinsurance premium; (e) The names and addresses of reinsurers; (f) The rates of all commissions for reinsurance, including the commissions on any retrocessions handled by the manager for reinsurance; (g) Any related correspondence and memoranda; (h) Proof of placement; (i) Any details regarding retrocessions handled by the manager for reinsurance, including the identity of retrocessionaires and percentage of each contract assumed or ceded; (j) Financial records, including accounts of premium and loss; and (k) If the manager for reinsurance places a contract of reinsurance on behalf of a ceding centage of each contract assumed or ceded; (j) Financial records, including accounts of premium and loss; and (k) If the manager for reinsurance places a contract of reinsurance on behalf of a ceding insurer: (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (2) Through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative. 2. The manager for reinsurance shall allow a reinsurer to have access and to copy all accounts and records maintained by the manager for reinsurance related to its business in a form usable by the reinsurer. (Added to NRS by 1995, 1764)
Nevada Legal Code