Illinois Administrative Code
Title 50 - INSURANCE
Part 1104 - CREDIT FOR REINSURANCE CEDED
Section 1104.30 - Credit for Reinsurance - Accredited Reinsurers
Current through Register Vol. 48, No. 12, March 22, 2024
a) Pursuant to Section 173.1(1)(B) of the Code, the Director shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that is accredited as a reinsurer in this State as of the date of the ceding insurer's most recent statutory financial statement. An accredited reinsurer must:
b) If the Director determines that the assuming insurer has failed to meet or maintain any of these qualifications, the Director may, upon written notice and opportunity for hearing, suspend or revoke the accreditation. Credit shall not be allowed a domestic ceding insurer under this Section if the assuming insurer's accreditation has been revoked by the Director, or if the reinsurance was ceded while the assuming insurer's accreditation was under suspension by the Director.