West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-40 - Credit For Reinsurance
Section 114-40-13 - Reinsurance Contract
Universal Citation: 114 WV Code of State Rules 114-40-13
Current through Register Vol. XLI, No. 38, September 20, 2024
13.1. Credit will not be granted, nor an asset or reduction from liability allowed, to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of sections 2, 3, 4, 5, 6, 7 or 9 of this rule or otherwise in compliance with W. Va. Code § 33-4-15a(b) after the adoption of this rule unless the reinsurance agreement:
13.1.a. Includes a proper insolvency clause, which
stipulates that reinsurance is payable directly to the liquidator or successor
without diminution regardless of the status of the ceding company, pursuant to W.
Va. Code §
33-4-15(c);
13.1.b. Includes a provision pursuant
to W. Va. Code §
33-4-15a(b)(2)
whereby the assuming insurer, if an unauthorized assuming insurer, has submitted to
the jurisdiction of an alternative dispute resolution panel or court of competent
jurisdiction within the United States, has agreed to comply with all requirements
necessary to give the court or panel jurisdiction, has designated an agent upon whom
service of process may be effected, and has agreed to abide by the final decision of
the court or panel; and
13.1.c. Includes
a proper reinsurance intermediary clause, if applicable, which stipulates that the
credit risk for the intermediary is carried by the assuming
insurer.
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