§ 27-1.1-0.5. Purpose. The purpose of this chapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers and the public generally. The legislature hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, […]
§ 27-1.1-1. 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 subsections (b), (c), (d), (e), (f), (g), or (h) of this section; provided, further, […]
§ 27-1.1-10. Payment by assuming company. (a) No credit shall be allowed for reinsurance unless the reinsurance agreement provides that payments by the assuming company shall be made directly to the ceding company or to its liquidator, receiver, or statutory successor, except where the contract specifically provides direct payment of the reinsurance to the insured […]
§ 27-1.1-2. Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of 27-1.1-1. An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 27-1.1-1 shall be allowed in an […]
§ 27-1.1-3. Qualified United States financial institutions. (a) For the purposes of § 27-1.1-2(3), “qualified United States financial institution” means an institution that: (1) Is organized, or in the case of a U.S. office of a foreign banking organization is licensed, under the laws of the United States or any of its states; (2) Is […]
§ 27-1.1-4. Rules and regulations. (a) The commissioner may adopt reasonable rules and regulations implementing the provisions of this law. (b) The commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in subsection (b)(1) of this section. (1) A regulation adopted pursuant to this section may apply only to reinsurance […]
§ 27-1.1-5. Reinsurance agreements affected. This chapter shall apply to all cessions after the effective date of this chapter under reinsurance agreements that have an inception, anniversary, or renewal date not less than six (6) months after the effective date of this chapter. History of Section.P.L. 1991, ch. 257, § 1; P.L. 1991, ch. 348, […]
§ 27-1.1-6. Repealed. History of Section.P.L. 1993, ch. 180, § 27; Repealed by P.L. 2013, ch. 84, § 4, effective June 17, 2013; P.L. 2013, ch. 91, § 4, effective June 17, 2013.
§ 27-1.1-7. Repealed. History of Section.P.L. 1993, ch. 180, § 27; Repealed by P.L. 2013, ch. 84, § 4, effective June 17, 2013; P.L. 2013, ch. 91, § 4, effective June 17, 2013.
§ 27-1.1-8. Repealed.
§ 27-1.1-9. Asset or deduction from liability. No credit shall be allowed as an admitted asset or as a deduction from liability to any ceding company for reinsurance unless the reinsurance is payable by the assuming company on the basis of the liability of the ceding company under the contractor contracts reinsured without diminution because […]
