The Requester also described electronic protocols. The parties to the reinsurance transaction have a choice whether or not to engage in a totally electronic transaction. Documents are given a unique file name for identification and electronic filing, record retention and retrieval. Documents are backed up along with the company's other electronic records. Documents are immediately available for viewing, review and printing at any time by other departments in a company or by outside auditors or insurance examiners which have been authorized to have electronic access to the files.
Documents can be password protected as required.
ESRA establishes a legal framework in New York for the conduct of electronic commerce. The provisions of the State Technology Law become effective on March 26, 2000. Under Section 109 of ESRA the use of electronic signatures is voluntary. These requirements apply to the electronic versions of reinsurance agreements as well as to the non-electronic versions thereof. Requestors' letter does not specify how electronic documents are to be retained or stored as records.