15 U.S.C. § 8221 — Regulation of credit for reinsurance and reinsurance agreements
submitted 16 years ago by Pub. L. 111-203 to r/title-15-COMMERCE-AND-TRADE · 219 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
If the State of domicile* of a ceding insurer* is an NAIC*-accredited State*, or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, and recognizes credit for reinsurance for the insurer’s ceded risk, then no other State may deny such credit for reinsurance.
In addition to the application of subsection (a), all laws, regulations, provisions, or other actions of a State that is not the domiciliary State* of the ceding insurer, except those with respect to taxes and assessments on insurance companies or insurance income, are preempted to the extent that they—
restrict or eliminate the rights of the ceding insurer or the assuming insurer to resolve disputes pursuant to contractual arbitration to the extent such contractual provision is not inconsistent with the provisions of title 9;
require that a certain State’s law shall govern the reinsurance contract, disputes arising from the reinsurance contract, or requirements of the reinsurance contract;
attempt to enforce a reinsurance contract on terms different than those set forth in the reinsurance contract, to the extent that the terms are not inconsistent with this subchapter; or
otherwise apply the laws of the State to reinsurance agreements of ceding insurers not domiciled in that State.
Source credit: (Pub. L. 111–203, title V, § 531, July 21, 2010, 124 Stat. 1595.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 1595
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
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