New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 28 - CREDIT FOR REINSURANCE
Section 11:2-28.7 - Credit for reinsurance required by law

Universal Citation: NJ Admin Code 11:2-28.7

Current through Register Vol. 56, No. 24, December 18, 2024

(a) An insurer may be permitted to take a credit for reinsurance ceded to an assuming insurer which does not meet any of the requirements set forth at N.J.A.C. 11:2-28.3, 28.4, 28.5, 28.6, 28.7A, or 28.7E, but only with respect to the insurance of risks located in jurisdictions where such reinsurance is required or provided by the applicable law or regulation of that jurisdiction. As used in this section, "jurisdiction" means any state, district, or territory of the United States and any lawful national government.

(b) A credit may taken for insurance ceded by a ceding insurer to a state owned or controlled insurance or reinsurance company or a ceding company participating in pools, guaranty funds or joint underwriting associations required by statute, regulation or administrative order.

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