N.J. Admin. Code § 11:2-28.7

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:2-28.7 - Credit for reinsurance required by law

(a) An insurer may be permitted to take a credit for reinsurance ceded to an assuming insurer which does not meet any of the requirements set forth at N.J.A.C. 11:2-28.3, 28.4, 28.5, 28.6, 28.7A, or 28.7E, but only with respect to the insurance of risks located in jurisdictions where such reinsurance is required or provided by the applicable law or regulation of that jurisdiction. As used in this section, "jurisdiction" means any state, district, or territory of the United States and any lawful national government.

(b) A credit may taken for insurance ceded by a ceding insurer to a state owned or controlled insurance or reinsurance company or a ceding company participating in pools, guaranty funds or joint underwriting associations required by statute, regulation or administrative order.

Amended by R.1993 d.557, effective 11/15/1993.
See: 25 New Jersey Register 4289(a), 25 New Jersey Register 5184(a).

Amended by 54 N.J.R. 1735(a), effective 9/6/2022