N.Y. Comp. Codes R. & Regs. tit. 11 § 69.5

Current through Register Vol. 46, No. 45, November 2, 2024

Section 69.5 - Reinsurance of mortgage pool insurance

(a) A ceding insurer may, consistent with the applicable requirements of section 6507 of the Insurance Law, reinsure any pooled mortgage loans under a pool insurance policy with:

(1) an insurer not under common control;

(2) a mortgage insurer under common control, provided that the mortgage insurer, either directly or indirectly, does not own, or is not owned by, in whole or in part, the ceding insurer; or

(3) a non-mortgage insurer under common control.

(b) In addition to any limitations or restrictions set forth in this Part, the requirements of section 1505(d)(2) of the Insurance Law shall apply to any reinsurance agreement between insurers under common control to which a domestic insurer is a party.

(c) For the purposes of this section, under common control shall have the meaning described by section 1501(a)(2) of the Insurance Law.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 69.5