Ins 47.03(1)(1) The insurer may terminate the reinsurance intermediary-broker authority at any time. Ins 47.03(2)(2) The reinsurance intermediary-broker will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing, to the reinsurance intermediary-broker, and remit all funds due to the insurer within 30 days of receipt. Ins 47.03(3)(3) The reinsurance intermediary-broker will hold all funds collected for the insurer’s account in a fiduciary capacity in a qualified United States financial institution. Ins 47.03(5)(5) The reinsurance intermediary-broker will comply with the written standards established by the insurer for the cession or retrocession of all risks. Ins 47.03(6)(6) The reinsurance intermediary-broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded. Ins 47.03 HistoryHistory: Cr. Register, July, 1993, No. 451, eff. 8-1-93. Ins 47.04Ins 47.04 Books and records-reinsurance intermediary-brokers. Ins 47.04(1)(1) A reinsurance intermediary-broker shall keep a complete record for each transaction for at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, showing: Ins 47.04(1)(a)(a) Type of contract, limits, underwriting restrictions, classes or risks and territory; Ins 47.04(1)(b)(b) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; Ins 47.04(1)(f)(f) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker; Ins 47.04(1)(i)(i) Details regarding retrocessions handled by the reinsurance intermediary-broker including the identity of retrocessionaires and percentage of each contract assumed or ceded; Ins 47.04(1)(j)(j) Financial records, including but not limited to, premium and loss accounts; and Ins 47.04(1)(k)(k) When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer: Ins 47.04(1)(k)1.1. Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or Ins 47.04(1)(k)2.2. If placed through a representative of the assuming reinsurer, other than an employe, written evidence that the reinsurer has delegated binding authority to the representative. Ins 47.04(2)(2) A reinsurance intermediary-broker shall give each insurer it represents access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to the insurer’s business in a form usable by the insurer. Ins 47.04 HistoryHistory: Cr. Register, July, 1993, No. 451, eff. 8-1-93. Ins 47.05Ins 47.05 Duties of insurers utilizing the services of a reinsurance intermediary-broker; prohibited function. Ins 47.05(1)(1) An insurer may not use the services of any person to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by this chapter. Ins 47.05(2)(2) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless the reinsurance intermediary-broker is under common control with the insurer and subject to ch. 617, Stats., and ch. Ins 40, or the laws and rules of another state which are determined by the commissioner to be substantially similar to ch. 617, Stats., and ch. Ins 40. Ins 47.05(3)(3) An insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business. Ins 47.05(4)(4) A reinsurance intermediary-broker required to be licensed under this chapter may not bind, and an insurer may not give the reinsurance intermediary-broker authority to bind, ceded reinsurance on behalf of the insurer, except that the reinsurance intermediary-broker may bind ceded facultative reinsurance pursuant to obligatory facultative agreements if the contract with the insurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines shall include a list of reinsurers with which the automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.