The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
20-486.03 - Books and records; reinsurance intermediary brokers
20-486.03. Books and records; reinsurance intermediary brokers
A. For at least ten years after a contract of reinsurance transacted by the reinsurance intermediary broker expires, the reinsurance intermediary broker shall maintain a complete record for each transaction that shows:
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 notice required 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 assuming reinsurers.
6. The rates of all reinsurance commissions, including the commissions on any retrocessions that are handled by the reinsurance intermediary broker.
7. Related correspondence and memoranda.
8. Proof of placement.
9. Details regarding retrocessions that are handled by the reinsurance intermediary broker including the identity of persons who receive retrocessions and the percentage of each contract that is assumed or ceded.
10. The financial records, including premium and loss accounts.
11. If the reinsurance intermediary broker procures directly from any assuming reinsurer a reinsurance contract on behalf of a licensed ceding insurer, written evidence that the assuming reinsurer has agreed to assume the risk.
12. If the reinsurance intermediary broker procures through a representative of the assuming reinsurer, other than an employee, a reinsurance contract on behalf of a licensed ceding insurer, written evidence that the reinsurer has delegated binding authority to the representative.
B. The insurer shall have access to and the right to copy and audit all accounts and records related to its business that are maintained by the reinsurance intermediary broker in a form usable by the insurer.