{"data":{"id":"us-mi/mich.-comp.-laws-500.1157","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.1157","heading":"Record of transaction.","body":"Sec. 1157.\n\nFor at least 10 years after expiration of each contract of reinsurance transacted by a reinsurance intermediary, the reinsurance intermediary will keep a complete record for each transaction showing all of the following:\n\nThe type of contract, limits, underwriting restrictions, classes or risks, and territory.\n\nPeriod of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation.\n\nReporting and settlement requirements of balances.\n\nRate used to compute the reinsurance premium.\n\nNames and addresses of assuming reinsurers.\n\nRates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary.\n\nRelated correspondence and memoranda.\n\nProof of placement.\n\nDetails regarding retrocessions handled by the reinsurance intermediary including the identity of retrocessionaires and percentage of each contract assumed or ceded.\n\nFinancial records, including, but not limited to, premium and loss accounts.\n\nWhen the reinsurance intermediary procures a reinsurance contract on behalf of a licensed ceding insurer as follows:\n\nIf directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk.\n\nIf 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":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-1157","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"d2626ed14b5162853b467fdd568adbb426d1618f3a047d371086b751a0cdf051","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.1155","next":"us-mi/mich.-comp.-laws-500.1159"},"notice":"GroundRules: Original legal text. Not legal advice."}