Ins 47.06(2)(2) The reinsurance intermediary-manager will render accounts to the reinsurer accurately detailing all material transactions, including received by, or owing to the reinsurance intermediary-manager, and remit all funds due under the contract to the reinsurer on not less than a monthly basis.

Ins 47.06(3)(3) All funds collected for the reinsurer’s account will be held by the reinsurance intermediary-manager in a fiduciary capacity in a qualified United States financial institution. The reinsurance intermediary-manager may retain no more than 3 months estimated claims payments and allocated loss adjustment expenses. The reinsurance intermediary-manager shall maintain a separate financial institution account for each reinsurer that it represents.

Ins 47.06(4)(4) For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-manager, the reinsurance intermediary-manager will keep a complete record for each transaction showing:

Ins 47.06(4)(a)(a) The type of contract, limits, underwriting restrictions, classes or risks and territory;

Ins 47.06(4)(b)(b) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation, and disposition of outstanding reserves on covered risks;

Ins 47.06(4)(f)(f) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-manager;

Ins 47.06(4)(i)(i) Details regarding retrocessions handled by the reinsurance intermediary-manager, as permitted under s. Ins 47.08 (4), including the identity of retrocessionaires and percentage of each contract assumed or ceded;

Ins 47.06(4)(j)(j) Financial records, including but not limited to, premium and loss accounts; and

Ins 47.06(4)(k)(k) When the reinsurance intermediary-manager places a reinsurance contract on behalf of a ceding insurer:

Ins 47.06(4)(k)1.1. Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or

Ins 47.06(4)(k)2.2. If placed through a representative of the assuming reinsurer, other than an employe, written evidence that the reinsurer has delegated binding authority to the representative.

Ins 47.06(5)(5) A reinsurance intermediary-manager shall give the reinsurer it represents access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-manager related to the reinsurer’s business in a form usable by the reinsurer.

Ins 47.06(6)(6) The contract may not be assigned in whole or in part by the reinsurance intermediary-manager.

Ins 47.06(7)(7) The reinsurance intermediary-manager will comply with the written underwriting and rating standards established by the insurer for the acceptance, rejection or cession of all risks.

Ins 47.06(8)(8) Rates, terms and purposes of commissions, charges and other fees which the reinsurance intermediary-manager may levy against the reinsurer.

Ins 47.06(9)(9) If the contract permits the reinsurance intermediary-manager to settle claims on behalf of the reinsurer:

Ins 47.06(9)(b)(b) A copy of the claim file will be sent to the reinsurer at its request or as soon as it becomes known that the claim:

Ins 47.06(9)(b)1.1. Has the potential to exceed the lesser of an amount equal to 3% of the reinsurer’s policyholder surplus as of the end of the immediately preceding calendar year or the limit set by the reinsurer;

Ins 47.06(9)(b)3.3. May exceed the reinsurance intermediary-manager’s claims settlement authority;

Ins 47.06(9)(b)5.5. Is closed by payment of an amount equal to or greater than the lesser of 1% of the reinsurer’s policyholder surplus as of the end of the immediately preceding calendar year or an amount set by the reinsurer;

Ins 47.06(9)(c)(c) All claim files will be the joint property of the reinsurer and reinsurance intermediary-manager, but upon an order of liquidation of the reinsurer the files shall become the sole property of the reinsurer or its estate and the reinsurance intermediary-manager shall have reasonable access to and the right to copy the files on a timely basis;