N.Y. Comp. Codes R. & Regs. tit. 11 § 126.7

Current through Register Vol. 46, No. 22, May 29, 2024

Section 126.7 - Existing agreements

Notwithstanding the effective date of this Part, any trust agreement or underlying reinsurance agreement in existence prior to April 6, 1988, which had previously been acceptable to this department:

(a) will continue to be acceptable, provided no new business is ceded under the reinsurance agreement; or

(b) will continue to be acceptable until January 1, 1989, at which time the agreements will have to be in full compliance with this Part for the trust agreement to be acceptable. The failure of the trust agreement to specifically identify the beneficiary, as defined in section 126.2(a) of this Part, shall not be construed to affect any actions or rights which the superintendent may take or possess pursuant to the provisions of the Insurance Law or any other applicable statute.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 126.7