As used in this article unless the context requires another meaning: “Accredited reinsurer” means an assuming insurer accredited pursuant to the provisions of subdivision C 2 of § 38.2-1316.2. “Certified reinsurer” means an insurer certified by the Commission pursuant to subsection D of § 38.2-1316.2. “Covered agreement” means an agreement entered into pursuant to the […]
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 subsection C, D, or E or § 38.2-1316.4, provided that the Commission may adopt by regulation pursuant to subsection B of § […]
Repealed by Acts 2012, c. 539, cl. 2.
Credit shall be allowed any ceding insurer under the following conditions: 1. Credit shall be allowed when reinsurance is ceded to an assuming insurer not meeting the requirements of § 38.2-1316.2 but only with respect to the insurance of risks located in jurisdictions where such reinsurance is required by applicable law or regulation of that […]
Repealed by Acts 2012, c. 539, cl. 2.
A. The Commission may adopt rules and regulations implementing the provisions of this article. B. The Commission is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in subdivision 1. A regulation adopted pursuant to: 1. This subsection shall apply only to reinsurance relating to: a. Life insurance policies with guaranteed nonlevel […]
The provisions of this article shall apply to all cessions after the effective date of this article under reinsurance agreements which have had an inception, anniversary or renewal date not less than six months after July 1, 2012. 1991, c. 264; 2012, c. 539.
