Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 35 - Regulation 56-Credit for Reinsurance
Section XIII-3523 - Reinsurance Contract [Formerly Section 3521]
Universal Citation: LA Admin Code XIII-3523
Current through Register Vol. 50, No. 9, September 20, 2024
A. Credit will not be granted, nor an asset or reduction from liability allowed, to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of §§3505, 3507, 3509, 3510, or 3513 or otherwise in compliance with R.S. 22:651 after the adoption of this regulation unless the reinsurance agreement includes:
1.
a proper insolvency clause, which stipulates that reinsurance is payable
directly to the liquidator or successor without diminution regardless of the
status of the ceding company, pursuant to
R.S.
22:651(I)(2);
2. a provision pursuant to
R.S.
22:651(H)(1)(a)(i) whereby
the assuming insurer, if an unauthorized assuming insurer, has submitted to the
jurisdiction of the alternative dispute resolution panel or court of competent
jurisdiction within the United States, has agreed to comply with all
requirements necessary to give the court or panel jurisdiction, has designated
an agent upon whom service of process may be effected, and has agreed to abide
by the final decision of the court or panel; and
3. a proper reinsurance intermediary clause,
if applicable, which stipulates that the credit risk for the intermediary is
carried by the assuming insurer.
AUTHORITY NOTE: Promulgated in accordance with R.S. 22, Sections 2(E) and 661.
Disclaimer: These regulations may not be the most recent version. Louisiana 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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