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. For each contract of reinsurance, the record required by this section shall include: the type of contract, limits, underwriting restrictions, classes or risks, and territory; the period of coverage, including effective and expiration dates, cancellation provisions, required notice of cancellation, and disposition of outstanding reserves on covered risks; the requirements for reporting and settling balances; the rate used to compute the reinsurance premium; the names and addresses of assuming reinsurers; the rates of all reinsurance commissions, including commissions on any retrocessions handled by the reinsurance manager; proof of placement; details of retrocessions handled by the reinsurance manager, including the identity of retrocessionaires and the percentage of each contract assumed or ceded; financial records, including premium and loss accounts; and any related correspondence and memoranda. In addition to the records required by this section, a reinsurance manager shall keep written evidence that the assuming reinsurer: 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 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.