The purpose of this part 7 is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The general assembly 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, the […]
Credit for reinsurance shall be allowed to 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 (2), (3), (4), (5), (6), (6.5), or (7) of this section. Credit shall be allowed under subsection (2), (3), or (4) […]
An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 10-3-702 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The reduction must be in the amount of funds held by or on behalf […]
For purposes of section 10-3-703 (1)(c), a “qualified United States financial institution” means an institution that: Is organized or, in the case of a United States office of a foreign banking organization, licensed, under the laws of the United States or any state of the United States; Is regulated, supervised, and examined by United States […]
The commissioner may adopt rules implementing this part 7. Source: L. 2014: Entire part R&RE, (HB 14-1315), ch. 295, p. 1212, § 1, effective January 1, 2015.
This part 7 applies to all cessions after January 1, 2015, under reinsurance agreements that have an inception, anniversary, or renewal date not less than six months after January 1, 2015. Source: L. 2014: Entire part R&RE, (HB 14-1315), ch. 295, p. 1212, § 1, effective January 1, 2015.
