Current through Register Vol. 54, No. 45, November 9, 2024
Section 161.7 - Credit for joint underwriting or pooling arrangements(a) Domestic ceding insurers which are participating in a joint underwriting or joint reinsurance pooling arrangement, in which the insurers participating in the arrangement are not qualified or certified reinsurers, may request specific approval by the Commissioner to take reserve credit for reinsurance ceded under those arrangements.(b) The Commissioner may specify what information is required to be filed with respect to the participants in the arrangement to determine whether credit shall be allowed.(c) In determining whether credit will be allowed under this section, the Commissioner will consider: (1) The amount of risk ceded under the arrangement to reinsurers which are either qualified reinsurers under this chapter or which are licensed to transact insurance or reinsurance in this State.(2) The financial condition and state of domicile of the participants.(3) The length of time the agreement has been in force and the effect of the agreement on the participants.(4) The type of risk being reinsured by the pool and the maximum per risk exposure of the pool.(5) The management and control of the operations of the pool.(6) Other information the Commissioner may prescribe.The provisions of this §161.7 amended May 24, 2013, effective 6/24/2013, 43 Pa.B. 2816.The provisions of this §161.7 amended under sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S. §§ 66, 186, 411 and 412); and section 319.1 of The Insurance Company Law of 1921 (40 P. S. § 42.1).
This section cited in 31 Pa. Code § 161.3 (relating to credit for reinsurance).