Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 130.00 - Credit For Reinsurance
Section 130.04 - Credit for Reinsurance - Accredited Reinsurers
Current through Register 1531, September 27, 2024
(1) Pursuant to M.G.L. c. 175, § 20A(1)(B) the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that is accredited as a reinsurer in the Commonwealth as of the date on which statutory financial statement credit for reinsurance is claimed. An accredited reinsurer must:
(2) If the commissioner determines that the assuming insurer has failed to meet or maintain any of these qualifications, the commissioner may upon written notice and opportunity for hearing, suspend or revoke the accreditation. Credit shall not be allowed a domestic ceding insurer under 211 CMR 130.04 if the assuming insurer's accreditation has been revoked by the commissioner, or if the reinsurance was ceded while the assuming insurer's accreditation was under suspension by the commissioner.