14 Va. Admin. Code § 5-300-60

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

Section 14VAC5-300-60 - Credit for reinsurance; reinsurer licensed in this Commonwealth

Pursuant to § 38.2-1316.2C 1 of the Act, the commission shall allow credit when reinsurance is ceded to an assuming insurer which is licensed to transact insurance in this Commonwealth. For purposes of this section, an insurer shall not be considered so "licensed" unless it is fully authorized to actively solicit and conduct its business in this Commonwealth and in its domiciliary state.

14 Va. Admin. Code § 5-300-60

Derived from Regulation 43, Case No. INS910307, § 7, eff. March 1, 1992; amended, Virginia Register Volume 29, Issue 4, eff. January 1, 2013; Amended, Virginia Register Volume 35, Issue 05, eff. 11/1/2018.

Statutory Authority: §§ 12.1-13 and 38.2-223 of the Code of Virginia.