Section 27-5B-19 – Rulemaking Authority.
Section 27-5B-19 Rulemaking authority. (a) The commissioner may adopt rules implementing this chapter. (b) In addition to the authority of the commissioner pursuant to subsection (a), the commissioner may adopt rules applicable to reinsurance arrangements as provided in this subsection. (1) A rule adopted pursuant to this subsection may apply only to reinsurance relating to […]
Section 27-5B-20 – Reinsurance Agreements Affected.
Section 27-5B-20 Reinsurance agreements affected. The amendments of this chapter and the additions to this chapter by Act 2021-235 shall apply to all cessions after January 1, 2022, under reinsurance agreements that have an inception, anniversary, or renewal date on or after July 1, 2022. (Act 2021-235, §2.)
Section 27-5B-3 – Credit Allowed a Domestic Ceding Insurer.
Section 27-5B-3 Credit allowed a domestic ceding insurer. (a) Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of Section 27-5B-4, 27-5B-5, 27-5B-6, 27-5B-7, 27-5B-8, 27-5B-8.1, or 27-5B-9. (b) The commissioner may adopt […]
Section 27-5B-18 – Notice by Domiciliary Liquidator.
Section 27-5B-18 Notice by domiciliary liquidator. The reinsurance agreement may provide that the domiciliary liquidator of an insolvent ceding insurer shall give written notice to the assuming insurer of the pendency of a claim against the ceding insurer on the contract within a reasonable time after the claim is filed in the liquidation proceeding. During […]
Section 27-5B-4 – Licensed Reinsurer.
Section 27-5B-4 Licensed reinsurer. Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is licensed to transact insurance or reinsurance in this state. (Act 2013-209, p. 463, §1.)
Section 27-5B-5 – Accredited Reinsurer.
Section 27-5B-5 Accredited reinsurer. Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is accredited by the commissioner as a reinsurer in this state. In order to be eligible for accreditation, a reinsurer must do all of the following: (1) File with the commissioner evidence of its submission to this […]
Section 27-5B-6 – Reinsurer Domiciled in State With Substantially Similar Law.
Section 27-5B-6 Reinsurer domiciled in state with substantially similar law. (a) Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is domiciled in, or in the case of a U.S. branch of an alien assuming insurer is entered through, a state that employs standards regarding credit for reinsurance substantially similar […]
Section 27-5B-7 – Reinsurer Maintaining a Trust Fund.
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid claims of its U.S. ceding insurers, their assigns and […]
Section 27-5B-8 – Certified Reinsurer.
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is certified by the commissioner as a reinsurer in this state and secures its obligations in accordance with the requirements of this section. In order to be eligible for certification, the assuming insurer shall meet all […]
Section 27-5B-8.1 – Reinsurer Domiciled in a Reciprocal Jurisdiction.
Section 27-5B-8.1 Reinsurer domiciled in a reciprocal jurisdiction. (a) Credit shall be allowed when the reinsurance is ceded to an assuming insurer meeting each of the following conditions: (1) The assuming insurer shall have its head office or be domiciled in, as applicable, and be licensed in a reciprocal jurisdiction. A reciprocal jurisdiction is a […]