Section 8-516 - Records of reinsurance manager(a) 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) For each contract of reinsurance, the record required by this section shall include: (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;(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) 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.