{"data":{"id":"us-me/24-a-m.r.s.-748","jurisdiction":"us-me","citation":"24-A M.R.S. §748","heading":"Books, records and powers; reinsurance intermediary-managers","body":"1.  Records required.  For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-manager, the reinsurance intermediary-manager shall keep a complete record for each transaction showing:\nA.  The type of contract, limits, underwriting restrictions, classes of risks and territory;\nB.  Period of coverage, including effective and expiration dates, cancellation provisions and notice required for cancellation, and status of disposition of outstanding reserves on covered risks;\nC.  Reporting and settlement requirements of balances;\nD.  Rate used to compute the reinsurance premium;\nE.  Names and addresses of reinsurers;\nF.  Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-manager;\nG.  Related correspondence and memoranda;\nH.  Proof of placement;\nI.  Details regarding retrocessions handled by the reinsurance intermediary-manager including the identity of retrocessionaires and the percentage of each contract assumed or ceded;\nJ.  Financial records, including but not limited to, premium and loss accounts; and\nK.  When the reinsurance intermediary-manager places a reinsurance contract on behalf of a  ceding insurer:\n(1)  Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or\n(2)  If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.","path":["TITLE 24-A: MAINE INSURANCE CODE","CHAPTER 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE","SUBCHAPTER 4: REINSURANCE INTERMEDIARIES"],"source_url":"https://legislature.maine.gov/statutes/24-A/title24-Asec748.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:33Z","sha256":"0b6f3f6c5b05b8ba575a38a9e138c4ba43dafd968103a83cd6ab83d989d9960d","source_id":"us-me","stale":false,"prev":"us-me/24-a-m.r.s.-747","next":"us-me/24-a-m.r.s.-749"},"notice":"GroundRules: Original legal text. Not legal advice."}