{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1350.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1350.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1350.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1350.html"}],"law_id":75604,"edition_id":1,"section_id":75604,"structure_id":14993,"section_number":"38.2-1350","catch_line":"Books and records; reinsurance intermediary brokers","history":"2001, c. 706.","full_text":"A\n\nFor at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker will keep a complete record for each transaction showing:1\n\nThe type of contract, limits, underwriting restrictions, classes or risks and territory;2\n\nPeriod of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;3\n\nReporting and settlement requirements of balances;4\n\nRate used to compute the reinsurance premium;5\n\nNames and addresses of assuming reinsurers;6\n\nRates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker;7\n\nRelated correspondence and memoranda;8\n\nProof of placement;9\n\nDetails regarding retrocessions handled by the reinsurance intermediary broker including the identity of retrocessionaires and percentage of each contract assumed or ceded;10\n\nFinancial records, including but not limited to, premium and loss accounts; and11\n\nWhen the reinsurance intermediary broker procures a reinsurance contract on behalf of a licensed ceding insurer:\n\t\t\t\ta. Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or\n\t\t\t\tb. If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.B\n\nThe insurer will have reasonable access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker related to its business in a form usable by the Commission.","order_by":null,"text":{"0":{"id":271558,"text":"For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker will keep a complete record for each transaction showing:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":271559,"text":"The type of contract, limits, underwriting restrictions, classes or risks and territory;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":271560,"text":"Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":271561,"text":"Reporting and settlement requirements of balances;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":271562,"text":"Rate used to compute the reinsurance premium;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":271563,"text":"Names and addresses of assuming reinsurers;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":271564,"text":"Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":271565,"text":"Related correspondence and memoranda;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":271566,"text":"Proof of placement;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":271567,"text":"Details regarding retrocessions handled by the reinsurance intermediary broker including the identity of retrocessionaires and percentage of each contract assumed or ceded;","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":271568,"text":"Financial records, including but not limited to, premium and loss accounts; and","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":271569,"text":"When the reinsurance intermediary broker procures a reinsurance contract on behalf of a licensed ceding insurer:\n\t\t\t\ta. Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or\n\t\t\t\tb. If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"B"},"12":{"id":271570,"text":"The insurer will have reasonable access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker related to its business in a form usable by the Commission.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A11"}},"ancestry":[{"id":14993,"edition_id":1,"name":"Licensing of Reinsurance Intermediaries","identifier":"8","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:51:22","date_modified":"2026-06-26 03:51:22","permalink":{"id":211811,"object_type":"structure","relational_id":14993,"identifier":"8","token":"38.2\/13\/8","url":"\/38.2\/13\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58348,"structure_id":14993,"section_number":"38.2-1347","catch_line":"Definitions","url":"\/38.2-1347\/","token":"38.2\/13\/8\/38.2-1347","metadata":false},{"id":73342,"structure_id":14993,"section_number":"38.2-1348","catch_line":"License requirements","url":"\/38.2-1348\/","token":"38.2\/13\/8\/38.2-1348","metadata":false},{"id":57200,"structure_id":14993,"section_number":"38.2-1349","catch_line":"Required contract provisions; reinsurance intermediary brokers","url":"\/38.2-1349\/","token":"38.2\/13\/8\/38.2-1349","metadata":false},{"id":75604,"structure_id":14993,"section_number":"38.2-1350","catch_line":"Books and records; reinsurance intermediary brokers","url":"\/38.2-1350\/","token":"38.2\/13\/8\/38.2-1350","metadata":false},{"id":65484,"structure_id":14993,"section_number":"38.2-1351","catch_line":"Duties of insurers utilizing the services of a reinsurance intermediary broker","url":"\/38.2-1351\/","token":"38.2\/13\/8\/38.2-1351","metadata":false},{"id":85577,"structure_id":14993,"section_number":"38.2-1352","catch_line":"Required contract provisions; reinsurance intermediary managers","url":"\/38.2-1352\/","token":"38.2\/13\/8\/38.2-1352","metadata":false},{"id":82758,"structure_id":14993,"section_number":"38.2-1353","catch_line":"Prohibited acts","url":"\/38.2-1353\/","token":"38.2\/13\/8\/38.2-1353","metadata":false},{"id":58188,"structure_id":14993,"section_number":"38.2-1354","catch_line":"Duties of reinsurers utilizing the services of a reinsurance intermediary manager","url":"\/38.2-1354\/","token":"38.2\/13\/8\/38.2-1354","metadata":false},{"id":87094,"structure_id":14993,"section_number":"38.2-1355","catch_line":"Examination authority","url":"\/38.2-1355\/","token":"38.2\/13\/8\/38.2-1355","metadata":false},{"id":59046,"structure_id":14993,"section_number":"38.2-1356","catch_line":"Penalties and liabilities; grounds for placing on probation, refusal to issue or renew, revocation, or suspension of license","url":"\/38.2-1356\/","token":"38.2\/13\/8\/38.2-1356","metadata":false},{"id":58156,"structure_id":14993,"section_number":"38.2-1357","catch_line":"Requirement to report to Commission","url":"\/38.2-1357\/","token":"38.2\/13\/8\/38.2-1357","metadata":false}],"previous_section":{"id":57200,"structure_id":14993,"section_number":"38.2-1349","catch_line":"Required contract provisions; reinsurance intermediary brokers","url":"\/38.2-1349\/","token":"38.2\/13\/8\/38.2-1349","metadata":false},"next_section":{"id":65484,"structure_id":14993,"section_number":"38.2-1351","catch_line":"Duties of insurers utilizing the services of a reinsurance intermediary broker","url":"\/38.2-1351\/","token":"38.2\/13\/8\/38.2-1351","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1350\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapter 706<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":57200,"section_number":"38.2-1349","catch_line":"Required contract provisions; reinsurance intermediary brokers","order_by":null,"url":"\/38.2-1349\/"}],"refers_to":false,"permalink":{"id":211825,"object_type":"law","relational_id":75604,"identifier":"38.2-1350","token":"38.2\/13\/8\/38.2-1350","url":"\/38.2-1350\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1350\/","token":"38.2\/13\/8\/38.2-1350","dublin_core":{"Title":"Books and records; reinsurance intermediary brokers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1350","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For at least ten years after expiration of each contract<\/span> of reinsurance transacted by the reinsurance intermediary broker<\/span>, the reinsurance intermediary broker<\/span> will keep a complete record for each transaction showing: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The type of contract<\/span>, limits, underwriting restrictions, classes or risks and territory; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Reporting and settlement<\/span> requirements of balances; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Rate<\/span> used to compute the reinsurance premium; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Names and addresses of assuming reinsurers<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Rates<\/span><\/span> of all reinsurance commissions<\/span>, including the commissions<\/span> on any retrocessions handled by the reinsurance intermediary broker<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Related correspondence and memoranda; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Proof of placement; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Details regarding retrocessions handled by the reinsurance intermediary broker<\/span> including the identity of retrocessionaires and percentage of each contract<\/span> assumed or ceded; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Financial records, including but not limited to, premium and loss accounts; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> When the reinsurance intermediary broker<\/span> procures a reinsurance contract<\/span> on behalf of a licensed ceding insurer<\/span>:\n\t\t\t\ta. Directly from any assuming reinsurer<\/span>, written evidence<\/span> that the assuming reinsurer<\/span> has agreed to assume the risk; or\n\t\t\t\tb. If placed through a representative of the assuming reinsurer<\/span>, other than an employee, written evidence<\/span> that such reinsurer<\/span> has delegated binding authority to the representative. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The insurer<\/span> will have reasonable access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker<\/span> related to its business in a form usable by the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOOKS AND RECORDS; REINSURANCE INTERMEDIARY BROKERS (\u00a7 38.2-1350)\n\nA. For at least ten years after expiration of each contract of reinsurance\ntransacted by the reinsurance intermediary broker, the reinsurance intermediary\nbroker will keep a complete record for each transaction showing:\n\n 1. The type of contract, limits, underwriting restrictions, classes or risks\n and territory;\n\n 2. Period of coverage, including effective and expiration dates, cancellation\n provisions and notice required of cancellation;\n\n 3. Reporting and settlement requirements of balances;\n\n 4. Rate used to compute the reinsurance premium;\n\n 5. Names and addresses of assuming reinsurers;\n\n 6. Rates of all reinsurance commissions, including the commissions on any\n retrocessions handled by the reinsurance intermediary broker;\n\n 7. Related correspondence and memoranda;\n\n 8. Proof of placement;\n\n 9. Details regarding retrocessions handled by the reinsurance intermediary\n broker including the identity of retrocessionaires and percentage of each\n contract assumed or ceded;\n\n 10. Financial records, including but not limited to, premium and loss\n accounts; and\n\n 11. When the reinsurance intermediary broker procures a reinsurance contract\n on behalf of a licensed ceding insurer:\n \t\t\t\ta. Directly from any assuming reinsurer, written evidence that the\n assuming reinsurer has agreed to assume the risk; or\n \t\t\t\tb. If placed through a representative of the assuming reinsurer, other\n than an employee, written evidence that such reinsurer has delegated binding\n authority to the representative.\n\nB. The insurer will have reasonable access to and the right to copy and audit\nall accounts and records maintained by the reinsurance intermediary broker\nrelated to its business in a form usable by the Commission.\n\nHISTORY: 2001, c. 706.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}