Connecticut Administrative Code
Title 38a - Insurance Department
88 - Credit for Reinsurance
Section 38a-88-1 - Credit for reinsurance-reinsurer licensed in this state
Universal Citation: CT Reg of State Agencies 38a-88-1
Current through March 14, 2024
(a) 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 claimed.
(b) As used in sections 38a-88-1 to 38a-88-12, inclusive, of the Regulations of Connecticut State Agencies:
(1) "Commissioner" means the Insurance
Commissioner of the State of Connecticut;
(2) "Evergreen" means that a letter of credit
will be continuously renewed unless the financial institution which issued or
confirmed the letter of credit gives advance notice that it will not be renewed
when its term expires;
(3)
"Liabilities" means the assuming insurer's gross liabilities attributable to
reinsurance ceded by U. S. domiciled insurers excluding liabilities that are
otherwise secured by acceptable means, and, shall include:
(A) For business ceded by domestic insurers
authorized to write property and casualty insurance:
(i) Losses and allocated loss expenses paid
by the ceding insurer, recoverable from the assuming insurer;
(ii) Reserves for losses reported and
outstanding;
(iii) Reserves for
losses incurred but not reported;
(iv) Reserves for allocated loss expenses;
and
(v) Unearned
premiums;
(B) For
business ceded by domestic insurers authorized to write life, health and
annuity insurance:
(i) Aggregate reserves for
life policies and contracts net of policy loans and net due and deferred
premiums;
(ii) Aggregate reserves
for accident and health policies;
(iii) Deposit funds and other liabilities
without life or disability contingencies; and
(iv) Liabilities for policy and contract
claims;
(4)
"NAIC" means the National Association of Insurance Commissioners;
(5) "IFRS" means International Financial
Reporting Standards;
(6) "GAAP"
means generally accepted accounting principles.
Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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