14 Va. Admin. Code § 5-300-100

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-300-100 - Credit for reinsurance required by law

When an assuming insurer fails to meet the requirements of § 38.2-1316.2 of the Act, the ceding insurer may take credit pursuant to subdivision 1 of § 38.2-1316.4 of the Act but only with respect to the insurance of risks located in jurisdictions where such reinsurance is required 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.

14 Va. Admin. Code § 5-300-100

Derived from Regulation 43, Case No. INS910307, § 11, eff. March 1, 1992; amended, Virginia Register Volume 29, Issue 4, eff. January 1, 2013.

Statutory Authority

§§ 38.2-223, 38.2-1316.7 and 12.1-13 of the Code of Virginia.