18 Del. Admin. Code § 302-10.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 302-10.0 - Reinsurance

10.1 Any company may take credit for reinsurance ceded subject to the following limitations:

10.1.1 No credit for reinsurance shall be allowed where the reinsurance contract does not result in an actual transfer of risk or liability to the reinsurer.

10.1.2 No credit for reinsurance shall be allowed unless the assuming insurer is obligated as to such reinsurance without diminution because of the insolvency of the ceding insurer.

10.1.3 No credit for reinsurance shall be allowed unless the reinsurance complies with the requirements of 18 Del.C. § 911 through 914, or the reinsurer and amount of reinsurance has otherwise been approved by the Commissioner.

10.1.4 Reinsurance under this section shall be effected through a written agreement of reinsurance setting forth the terms, provisions and conditions governing such reinsurance.

10.1.5 The Commissioner in his discretion may require that complete copies of all reinsurance treaties and contracts be filed with and/or approved by him.

18 Del. Admin. Code § 302-10.0