Ch. 36                                          1995 LAWS OF MARYLAND

(1)      THE TYPE OF CONTRACT, LIMITS, UNDERWRITING RESTRICTIONS,
CLASSES OR RISKS, AND TERRITORY;

(2)      THE PERIOD OF COVERAGE, INCLUDING EFFECTIVE AND
EXPIRATION DATES, CANCELLATION PROVISIONS, REQUIRED NOTICE OF
CANCELLATION, AND DISPOSITION OF OUTSTANDING RESERVES ON COVERED
RISKS;

(3)      THE REQUIREMENTS FOR REPORTING AND SETTLING BALANCES;

(4)      THE RATE USED TO COMPUTE THE REINSURANCE PREMIUM;

(5)      THE NAMES AND ADDRESSES OF ASSUMING REINSURERS;

(6)      THE RATES OF ALL REINSURANCE COMMISSIONS, INCLUDING
COMMISSIONS ON ANY RETROCESSIONS HANDLED BY THE REINSURANCE
MANAGER; .

(7)      PROOF OF PLACEMENT;

(8)      DETAILS OF RETROCESSIONS HANDLED BY THE REINSURANCE
MANAGER, INCLUDING THE IDENTITY OF RETROCESSIONAIRES AND' THE
PERCENTAGE OF EACH CONTRACT ASSUMED OR CEDED;

(9)      FINANCIAL RECORDS, INCLUDING PREMIUM AND LOSS ACCOUNTS;
AND

(10)    ANY RELATED CORRESPONDENCE AND MEMORANDA.

' (C) EVIDENCE ABOUT ASSUMPTION OF REINSURANCE.

IN ADDITION TO THE RECORDS REQUIRED BY THIS SECTION, A REINSURANCE
MANAGER SHALL KEEP WRITTEN EVIDENCE THAT THE ASSUMING REINSURER:

(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

(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.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 727.

In subsection (a) of this section, the reference to a contract of reinsurance
"transacted by the reinsurance manager" is added for clarity.

In subsection (b)(1) of this section, the reference to classes "or" risks is
substituted for the former reference to classes "of" risks for accuracy and
consistency with § 8-514(b)(1) of this subtitle and the Reinsurance
Intermediary Model Act, from which this section is derived.

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