Ala. Admin. Code r. 482-1-156-.09

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-156-.09 - Credit For Reinsurance Required By Law

Pursuant to Section 27-5B-9, the Commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Sections 27-5B-4, 27-5B-5, 27-5B-6, 27-5B-7, 27-5B-8, 27-5B-8.1, or other appropriate section of the Act, but only with respect to the insurance of risks located in jurisdictions where such reinsurance is required by the applicable law or regulation of that jurisdiction. As used in this rule, "jurisdiction" means any state, district or territory of the United States and any lawful national government.

New Rule: October 9, 2013; effective January 1, 2014. Filed with LRS October 9, 2013. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XXXIX, Issue No. 09, June 30, 2021, eff. 1/1/2022.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-5B-1, et seq.