(a) In this subtitle the following words have the meanings indicated. (b) “Ceding insurer” means an insurer that procures insurance for itself from another insurer for all or part of an insurance risk. (c) “Covered agreement” means an agreement entered into under the federal Dodd–Frank Wall Street Reform and Consumer Protection Act, 31 U.S.C. §§ 313 and 314, […]
(a) This subtitle does not apply to wet marine and transportation insurance. (b) All laws or parts of laws of the State that are inconsistent with this subtitle are superseded to the extent of the inconsistency.
Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded if the reinsurer meets the requirements of this subtitle.
(a) Except as provided in §§ 3–124 and 3–125 of this article for bulk reinsurance, an insurer may reinsure all or part of a particular risk. (b) (1) Credit shall be allowed under subsection (c), (d), or (e) of this section with respect to cessions of those kinds or classes of business that the assuming insurer is licensed […]
(a) (1) Credit may not be allowed, as an asset or deduction from liability, to a ceding insurer for reinsurance unless the reinsurance contract provides, in substance, that in the event of the insolvency of the ceding insurer, the reinsurance shall be payable under the terms of a contract reinsured by the reinsurer on the basis of […]
(a) In order for an assuming reinsurer to be eligible for accreditation by the Commissioner, the reinsurer shall: (1) file with the Commissioner evidence of its submission to this State’s jurisdiction; (2) submit to the Commissioner’s authority to examine its books and records; (3) be licensed to transact insurance or reinsurance in at least one state or, in the […]
(a) To enable the Commissioner to determine the sufficiency of the trust fund provided for in § 5–904(e) of this subtitle, the assuming insurer shall report each year to the Commissioner information substantially the same as that required to be reported on the National Association of Insurance Commissioners annual statement form by authorized insurers. (b) The assuming […]
(a) In order to be eligible for certification in accordance with § 5–904(f) of this subtitle, the assuming insurer shall: (1) be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined under § 5–909 of this subtitle; (2) maintain minimum capital and surplus, or its equivalent, in an amount the Commissioner determines in […]
(a) (1) The Commissioner shall maintain and publish a list of qualified jurisdictions under which an assuming insurer, licensed and domiciled in that jurisdiction, is eligible to be considered for certification by the Commissioner as a certified reinsurer. (2) In order to determine whether the domiciliary jurisdiction of a non–United States assuming insurer is eligible to be recognized […]
(a) (1) The Commissioner shall assign a rating to each certified reinsurer based on factors the Commissioner considers relevant, giving due consideration to the financial strength ratings that have been assigned by rating agencies in accordance with regulations the Commissioner adopts. (2) The Commissioner shall publish a list of all certified reinsurers and their ratings. (b) If an applicant […]
(a) A certified reinsurer shall secure obligations assumed from United States ceding insurers under this subtitle at a level consistent with its rating, as specified in regulations the Commissioner adopts. (b) Except as otherwise provided in this section, in order for a domestic ceding insurer to qualify for full financial statement credit for reinsurance ceded to a […]
(a) After providing notice and an opportunity for hearing to the reinsurer, the Commissioner may suspend or revoke a reinsurer’s accreditation or certification if the reinsurer ceases to meet the requirements for accreditation or certification. (b) The revocation or suspension may not take effect until after the Commissioner’s order on hearing unless: (1) the reinsurer waives its right […]
(a) If the assuming insurer is not licensed, accredited, or certified to transact insurance or reinsurance in this State, the credit allowed by § 5–904(e) of this subtitle may not be allowed unless the assuming insurer agrees in the reinsurance contracts: (1) that in the event of the failure of the assuming insurer to perform its obligations […]
(a) An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 5–904 of this subtitle shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. (b) The reduction shall be in the amount of funds held by […]
(a) (1) A ceding insurer shall take steps to manage its reinsurance recoverables proportionate to its own book of business. (2) (i) A domestic ceding insurer shall notify the Commissioner within 30 days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceeds or is likely to exceed 50% of the domestic ceding insurer’s […]
(a) The Commissioner may adopt: (1) regulations to carry out this subtitle; and (2) rules and regulations applicable to reinsurance arrangements described in subsection (b) of this section. (b) (1) A rule or regulation adopted under subsection (a)(2) of this section may apply only to reinsurance relating to: (i) life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits; […]
(a) Credit shall be allowed when reinsurance is ceded to an assuming insurer that: (1) has its head office or is domiciled in and licensed in a reciprocal jurisdiction; (2) has and maintains on an ongoing basis: (i) minimum capital and surplus, or its equivalent, calculated according to the methodology of its domiciliary jurisdiction, in an amount to be […]
