Collapse to view only § 8223. Definitions
- § 8221. Regulation of credit for reinsurance and reinsurance agreements
- § 8222. Regulation of reinsurer solvency
- § 8223. Definitions
§ 8221. Regulation of credit for reinsurance and reinsurance agreements
(a) Credit for reinsurance
(b) Additional preemption of extraterritorial application of State law
In addition to the application of subsection (a), all laws, regulations, provisions, or other actions of a State that is not the domiciliary State of the ceding insurer, except those with respect to taxes and assessments on insurance companies or insurance income, are preempted to the extent that they—
(1) restrict or eliminate the rights of the ceding insurer or the assuming insurer to resolve disputes pursuant to contractual arbitration to the extent such contractual provision is not inconsistent with the provisions of title 9;
(2) require that a certain State’s law shall govern the reinsurance contract, disputes arising from the reinsurance contract, or requirements of the reinsurance contract;
(3) attempt to enforce a reinsurance contract on terms different than those set forth in the reinsurance contract, to the extent that the terms are not inconsistent with this subchapter; or
(4) otherwise apply the laws of the State to reinsurance agreements of ceding insurers not domiciled in that State.
(Pub. L. 111–203, title V, § 531, July 21, 2010, 124 Stat. 1595.)
§ 8222. Regulation of reinsurer solvency
(a) Domiciliary State regulation
(b) Nondomiciliary States
(1) Limitation on financial information requirements
(2) Receipt of information
(Pub. L. 111–203, title V, § 532, July 21, 2010, 124 Stat. 1595.)
§ 8223. Definitions
For purposes of this subchapter, the following definitions shall apply:
(1) Ceding insurer
(2) Domiciliary State
(3) NAIC
(4) Reinsurance
(5) Reinsurer
(A) In general
The term “reinsurer” means an insurer to the extent that the insurer—
(i) is principally engaged in the business of reinsurance;
(ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and
(iii) is not engaged in an ongoing basis in the business of soliciting direct insurance.
(B) Determination
(6) State
(Pub. L. 111–203, title V, § 533, July 21, 2010, 124 Stat. 1595.)