New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 69 - Mortgage Pool Insurance
Section 69.5 - Reinsurance of mortgage pool insurance
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 69.5
Current through Register Vol. 46, No. 12, March 20, 2024
(a) A ceding insurer may, consistent with the applicable requirements of section 6507 of the Insurance Law, reinsure any pooled mortgage loans under a pool insurance policy with:
(1) an insurer not under common
control;
(2) a mortgage insurer
under common control, provided that the mortgage insurer, either directly or
indirectly, does not own, or is not owned by, in whole or in part, the ceding
insurer; or
(3) a non-mortgage
insurer under common control.
(b) In addition to any limitations or restrictions set forth in this Part, the requirements of section 1505(d)(2) of the Insurance Law shall apply to any reinsurance agreement between insurers under common control to which a domestic insurer is a party.
(c) For the purposes of this section, under common control shall have the meaning described by section 1501(a)(2) of the Insurance Law.
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