15 U.S.C. § 8222 — Regulation of reinsurer solvency
submitted 16 years ago by Pub. L. 111-203 to r/title-15-COMMERCE-AND-TRADE · 147 words · no verdicts yet
If a reinsurer's home state meets national accreditation standards, that state alone regulates its financial health. Other states cannot demand extra financial paperwork, though they may still receive copies of what was filed at home.
(a) Domiciliary State* regulation: If the reinsurer's home state* (State of domicile*) is accredited by the NAIC*, or has financial solvency requirements about as strong as NAIC accreditation requires, then that home state alone is responsible for regulating the reinsurer's financial solvency.
(b) Nondomiciliary States: (1) Limitation on financial information requirements — In that same situation, no other state can demand that the reinsurer* hand over additional financial information beyond what it already must file with its home state. (2) Receipt of information — This section does not stop a state that is not the reinsurer's home state from receiving a copy of any financial statement the reinsurer filed with its home state.
If the State of domicile* of a reinsurer* is an NAIC*-accredited State* or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, such State shall be solely responsible for regulating the financial solvency of the reinsurer.
If the State of domicile of a reinsurer is an NAIC-accredited State or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, no other State may require the reinsurer to provide any additional financial information other than the information the reinsurer is required to file with its domiciliary State.
No provision of this section shall be construed as preventing or prohibiting a State that is not the State of domicile of a reinsurer from receiving a copy of any financial statement filed with its domiciliary State.
Source credit: (Pub. L. 111–203, title V, § 532, 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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