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iii.                  File any financial or other reports as required by the Department of Insurance and Securities Regulation.

 

C.         Record Retention.

i.                   Maintain underwriting records evidencing all insurance and reinsurance activities.

 

3.      Sub-contracting.

 

A.                   Keep copies of all service agreements entered into by or on behalf of the captive insurance company, including services subcontracted by the Captive Manager to affiliated and non-affiliated entities.

 

4.      Rescission of Captive Manager Approval in states where formal written approval is provided.

 

A.                   A Captive Manager will be notified that approval is to be withdrawn if:

 

i.                   The Captive Manager knew or should have known and failed to inform the Captive Board of Directors and the Commissioner of actions of a captive under management leading to revocation or suspension of the certificates of authority under various provisions of the State Insurance Code.

 

 

ii.                 The Captive Manager fails to perform the required Basic Services, or does not correct failures in internal control procedures identified in an independent audit or state examination.

 

B.                   The Captive Manager will be given an opportunity to respond to the notification of the rescission and must provide evidence within 30 days that deficiencies identified by the Department are corrected.  The Captive Manager will be removed from the list of approved Captive Managers if such information is not provided.

 

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