New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter C - Fire, Marine, Casualty And Surety Insurers
Part 112 - Loss Portfolio Transfers
Section 112.3 - Definitions
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 112.3
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Loss portfolio transfer means an agreement:
(1) by which a
transferer increases its surplus to policyholders as a result of payment of
consideration to a transferee for undertaking any loss obligation already
incurred in excess of the consideration paid; or
(2) where the consideration paid by the
transferer, in connection with transferring any loss obligation already
incurred, is derived from present value or discounting concepts based upon
anticipated investment income.
(b) Transferer means an insurer that pays a consideration for a loss portfolio transfer pertaining to its incurred loss reserves.
(c) Transferee means an insurer that receives consideration for undertaking the obligations represented by a loss portfolio transfer.
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