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Insurance Topics | Reinsurance | NAIC Issue: Reinsurance, often referred to as “insurance for insurance companies,” is a contract between a reinsurer and an insurer In this contract, the insurance company—the cedent—transfers risk to the reinsurance company, and the latter assumes all or part of one or more insurance policies issued by the cedent
Preface to Credit for Reinsurance Models For reinsurance ceded under reinsurance agreements with an inception, amendment or renewal date on or after January 1, 1993, the trust shall consist of a trusteed account in an amount not less than the respective underwriters’ several liabilities attributable to business ceded by U S domiciled ceding insurers to any underwriter of the group
Microsoft Word - IP No. 162. docx The substantive revisions to SSAP No 62R (illustrated in Exhibit A), are intended to clarify reinsurance risk-transfer requirements and that reinsurance accounting credit for contracts that pass risk transfer is only for the amount of risk ceded The clarifications were primarily accomplished by incorporating U S generally accepted accounting principles (GAAP) guidance which was previously
MO791 - National Association of Insurance Commissioners The ceding insurer must, at specific points in time scheduled in the agreement, terminate or automatically recapture all or part of the reinsurance ceded; The reinsurance agreement involves the possible payment by the ceding insurer to the reinsurer of amounts other than from income realized from the reinsured policies
Quarterly Listing of Alien Insurers The NAIC cannot and does not guarantee its accuracy and assumes no responsibility for loss or damage resulting from the use of this information Users of this Publication are further cautioned that the NAIC does not attempt to analyze or consider either the political stability of the domiciliary country or its diplomatic relationship with the United States
Microsoft Word - SLHB Chapters. doc A reinsurance intermediary acts as a broker in soliciting, negotiating or procuring the writing of any reinsurance contract or binder Reinsurance intermediaries act as insurance producers in accepting any reinsurance contract or binder on behalf of an insurer The NAIC has adopted the Reinsurance Intermediary Model Act (#790), which contains a simplified registration process for nonresident
Preface to Credit for Reinsurance Models Section 4 Credit for Reinsurance—Reinsurer Licensed in this State Pursuant to Section [cite state law equivalent of Section 2A of the Credit for Reinsurance Model Law (#785)] the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that was licensed in this state as of any date on which statutory financial statement credit for reinsurance is
Materials - Reinsurance (E) Task Force Preface to Credit for Reinsurance Models The amendments to the NAIC Credit for Reinsurance Model Law (#785) Regulation (#786) are part of a larger effort to modernize reinsurance regulation in the United States The NAIC initially adopted the Reinsurance Regulatory Modernization Framework Proposal during its 2008 Winter National Meeting The NAIC recommended that this framework be
Credit for Reinsurance Model Brief - National Association of Insurance . . . The NAIC Credit for Reinsurance Model Law (#785) and Model Regulation (#786) strengthen state regulation, prevent regulatory arbitrage, protect U S policyholders, and reduce the uncertainty faced by insurers when planning for collateral liability
MO790 - National Association of Insurance Commissioners The manager of a group, association, pool or organization of insurers which engage in joint underwriting or joint reinsurance but only if the group association, pool or organization of insurers (as distinguished from its members) is subject to examination by the [Insurance Commissioner] of the state in which the manager’s principal business office is located