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:
A. The type of contract, limits, underwriting restrictions, classes of risks and territory;
B. 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;
C. Reporting and settlement requirements of balances;
D. Rate used to compute the reinsurance premium;
E. Names and addresses of reinsurers;
F. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-manager;
G. Related correspondence and memoranda;
H. Proof of placement;
I. Details regarding retrocessions handled by the reinsurance intermediary-manager including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
J. Financial records, including but not limited to, premium and loss accounts; and
K. When the reinsurance intermediary-manager places a reinsurance contract on behalf of a ceding insurer:
(1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(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.