210 Neb. Admin. Code, ch. 59, § 005 - Records Retention

005.01 The insurer is to retain any contract entered into between a managing general agent and an insurer.

005.02 All books, bank accounts and records pertaining to business written by the managing general agent are to be retained at the managing general agent's place of business, with all such items mades available to the inspection of the director or the director's representatives during business hours. Records are to be maintained for 25 years following the completion of a liability insurance transaction, seven years following completion of a property insurance transaction, or until any statute of limitations period applicable to potential claims arising thereunder has expired, whichever is later.

005.03 Upon termination of the contract between an insurer and a managing general agent for any reason, all records maintained during the contract period are to be delivered by the managing general agent to the insurer within 90 days of any request.

005.04 The amount determined by the director under § 44-4904(9)(i) is one-quarter of one percent of the policyholder surplus as reported in the last annual statement of the insurer.

005.05 The amount set by the director under $ 44-4904(9)(v) is one-quarter of one percent of the policyholder surplus as reported in the last annual statement of the insurer.

Notes

210 Neb. Admin. Code, ch. 59, § 005

Amended effective 10/4/2020