{"data":{"id":"us-md/md.-code-insurance-8-516","jurisdiction":"us-md","citation":"Md. Code, Insurance § 8–516","heading":"","body":"(a) A reinsurance manager shall keep a record of each transaction that relates to a contract of reinsurance transacted by the reinsurance manager for at least 10 years after the contract expires.\n(b) For each contract of reinsurance, the record required by this section shall include:\n(1) the type of contract, limits, underwriting restrictions, classes or risks, and territory;\n(2) the period of coverage, including effective and expiration dates, cancellation provisions, required notice of cancellation, and disposition of outstanding reserves on covered risks;\n(3) the requirements for reporting and settling balances;\n(4) the rate used to compute the reinsurance premium;\n(5) the names and addresses of assuming reinsurers;\n(6) the rates of all reinsurance commissions, including commissions on any retrocessions handled by the reinsurance manager;\n(7) proof of placement;\n(8) details of retrocessions handled by the reinsurance manager, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;\n(9) financial records, including premium and loss accounts; and\n(10) any related correspondence and memoranda.\n(c) In addition to the records required by this section, a reinsurance manager shall keep written evidence that the assuming reinsurer:\n(1) has agreed to accept the risk, if the reinsurance manager, while acting for a ceding authorized insurer, procured a reinsurance contract directly from an assuming reinsurer; and\n(2) has delegated binding authority to its representative, if the reinsurance manager, while acting for a ceding authorized insurer, procures a reinsurance contract from a representative, other than an employee, of an assuming reinsurer.","path":["Article - Insurance"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gin\u0026section=8-516","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:28Z","sha256":"b1401470db57f90c8dfcbcdfc2e8263315bbbec7bb134f8bd04000bbf3812c33","source_id":"us-md","stale":false,"prev":"us-md/md.-code-insurance-8-515","next":"us-md/md.-code-insurance-8-517"},"notice":"GroundRules: Original legal text. Not legal advice."}