Wyoming Administrative Code
Agency 044 - Insurance Dept
Sub-Agency 0002 - General Agency, Board or Commission Rules
Chapter 50 - CREDIT FOR REINSURANCE REGULATION
Section 50-15 - Reinsurance Contract
Universal Citation: WY Code of Rules 50-15
Current through September 21, 2024
(a) 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 4, 5, 6, 7, 8, 9 or 11 of this regulation or otherwise in compliance with W.S. 26-5-112 after the adoption of this regulation unless the reinsurance agreement:
(i) 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.S.
26-5-115;
(ii) Includes a provision pursuant to W.S.
W.S.
26-5-112(c) 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
(iii) 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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