Tex. Ins. Code Section 4152.205
Transaction Records


(a)

For at least 10 years after the expiration of each reinsurance contract transacted by a manager, the manager shall maintain a complete record for each transaction that contains:

(1)

the type of contract, limits, underwriting restrictions, classes of risks, and territory;

(2)

the period of coverage, including effective and expiration dates, cancellation provisions and notice requirements regarding cancellation, and disposition of outstanding reserves on covered risks;

(3)

reporting and settlement requirements regarding balances;

(4)

the rate used to compute the reinsurance premium;

(5)

the name and address of each ceding or assuming insurer;

(6)

the rates of all reinsurance commissions, including the commissions on any retrocessions handled by the manager;

(7)

related correspondence and memoranda;

(8)

proof of placement;

(9)

details regarding retrocessions handled by the manager, as permitted by Section 4152.254 (Authority for Retrocessional Contracts or Participation in Reinsurance Syndicates), including the identity and address of each retrocessionaire and the respective percentage of each contract assumed;

(10)

financial records, including premium and loss accounts; and

(11)

if the manager procures a reinsurance contract on behalf of a ceding insurer:

(A)

written evidence that the assuming insurer has agreed to assume the risk if the contract is procured directly from an assuming insurer; or

(B)

written evidence that the reinsurer has delegated binding authority to the representative who has agreed to assume the risk and that the representative is qualified to act as a manager under this chapter if the contract is procured through a representative of the assuming insurer, other than an employee.

(b)

Each insurer is entitled to access to the information maintained by the manager and may copy all accounts and records maintained by the manager related to the insurer’s business. The manager shall maintain the information in a form usable by the insurer.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.

Source: Section 4152.205 — Transaction Records, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­4152.­htm#4152.­205 (accessed Jun. 5, 2024).

4152.001
Definitions
4152.002
Classification as Commercially Domiciled Insurer
4152.003
Rights of Third Parties Not Affected
4152.004
Rules
4152.051
License Required
4152.052
Qualifications
4152.053
Application
4152.054
Service of Notice, Orders, and Process
4152.055
Fees
4152.056
License Issuance
4152.057
Persons Authorized to Act Under License
4152.058
Bond or Errors and Omissions Policy
4152.059
License Expiration and Renewal
4152.101
Examination by Commissioner
4152.102
Access to and Maintenance of Books, Bank Accounts, and Records
4152.103
Conduct of Examination
4152.104
Examination Expense
4152.151
Contract Between Broker and Insurer
4152.152
Placement of Reinsurance with Unauthorized Reinsurer
4152.153
Transaction Records
4152.154
Employment of Person by Insurer and Broker
4152.201
Contract Between Manager and Insurer
4152.202
Termination of Contract
4152.203
Accounting for Transactions
4152.204
Management of Money
4152.205
Transaction Records
4152.206
Contract Assignment Prohibited
4152.207
Compliance with Underwriting and Rating Standards of Insurer
4152.208
Settlement of Claims
4152.209
Payment of Interim Profits
4152.210
Audited Statement of Manager’s Financial Condition
4152.211
Disclosure of Relationships with Other Insurers
4152.212
Acts of Manager Considered Acts of Insurer
4152.213
Actuary’s Opinion on Adequacy of Loss Reserves
4152.214
Placement of Reinsurance with Unauthorized Reinsurer
4152.215
Prohibitions
4152.216
Employment of Person by Insurer and Manager
4152.251
Engagement of Services of Unlicensed Broker or Manager
4152.252
Audited Statement of Manager’s Financial Condition
4152.253
Review of Underwriting and Claims Processing Operations
4152.254
Authority for Retrocessional Contracts or Participation in Reinsurance Syndicates
4152.255
Notification of Termination of Manager’s Contract
4152.256
Appointment of Certain Persons to Board of Directors Prohibited
4152.301
Grounds for License Denial or Disciplinary Action
4152.302
Imposition of Sanctions

Accessed:
Jun. 5, 2024

§ 4152.205’s source at texas​.gov