PARRIS N. GLENDENING, Governor

Ch. 36

In subsection (c)(2)(v)7 of this section, the reference to any relationship of
"the reinsurance manager" with an authorized insurer is substituted for the
former reference to any relationship "it" has with an authorized insurer for
clarity.

In the introductory language of subsections (d)(1) and (e) of this section, the
references to the contract "required by this section" are added for clarity.

In subsection (d)(1)(ii)6 of this section, the reference to the amount
"determined" by the Commissioner is substituted for the former reference to
the amount "set" by the Commissioner for consistency with subsection
(d)(1)(ii)5 of this section. Correspondingly, the reference to the "limit" set by
the reinsurer is substituted for the former reference to the "amount" set by
the reinsurer.

In subsection (d)(1)(iii)1 of this section, the reference to the settlement
authority granted to a reinsurance manager "under the contract" is added for
clarity.

In subsection (d)(1)(iii)2 of this section, the reference to the settlement
authority "of the reinsurance manager" is added for clarity.

In subsection (e)(1)(i) of this section, the reference to property "insurance"
business is added for clarity. Similarly, in subsection (e)(1)(ii) of this section,
the reference to casualty "insurance" business is added for clarity.

Subsection (e)(2) of this section is revised to clarify that verification of the
adequacy of reserves on remaining claims is a precondition to payment of
interim profits.

Defined terms: "Authorized insurer" § 1-101
"Casualty insurance" § 1-101
"Commissioner" § 1-101
"Insurance" § 1-101
"Person" § 1-101
"Property insurance" § 1-101
"Qualified financial institution" § 8-501
"Reinsurance manager" § 8-501
"Reinsurer" § 8-501

8-516. RECORDS OF REINSURANCE MANAGER.

(A)     IN GENERAL.

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.

(B)     CONTENTS.

FOR EACH CONTRACT OF REINSURANCE, THE RECORD REQUIRED BY THIS
SECTION SHALL INCLUDE:

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