New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 40 - LIFE, HEALTH AND ANNUITY REINSURANCE AGREEMENTS
Section 11:2-40.1 - Purpose and scope
Universal Citation: NJ Admin Code 11:2-40.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The purpose of this subchapter is to provide standards for reinsurance agreements pursuant to which a ceding insurer may reduce a liability or establish an asset on any financial statements filed with the Department.
(b) This subchapter shall apply to the following:
1. All domestic insurers
authorized to transact life insurance, accident and health insurance or annuity
business in this State;
2. All
foreign and alien insurers authorized to transact life insurance, accident and
health insurance or annuity business in this State which otherwise are not
subject to rules in their state of domicile that are substantially similar to
those contained herein;
3. All
reinsurers authorized to effect life, accident and health or annuity
reinsurance agreements in this State; and
4. All reinsurance agreements entered into by
an entity subject to this subchapter, except as
11:2-40.5 may apply.
(c) This subchapter shall not apply with respect to assumption reinsurance agreements or group term reinsurance. 11:2-40.4(a)1, 4, 6 and 7 shall not apply to catastrophe, stop-loss or other nonproportional reinsurance. 11:2-40.4(a)4, 6 and 7 shall not apply to other term reinsurance.
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