15 U.S.C. § 8223 — Definitions

This section defines six terms used throughout this subchapter. (1) Ceding insurer means an insurer that buys reinsurance. (2) Domiciliary State, also called State of domicile, means — for an insurer or reinsurer — the state where it is incorporated or entered through, and licensed. (3) NAIC means the National Association of Insurance Commissioners, or whatever organization succeeds it. (4) Reinsurance means one insurer taking on all or part of a risk that another insurer originally took on. (5) Reinsurer: (A) In general — an insurer counts as a reinsurer to the extent that it is mainly in the business of reinsurance, does not do a significant amount of direct insurance compared to its net premiums, and is not regularly in the business of seeking out direct insurance customers. (B) Determination — whether an insurer qualifies as a reinsurer is decided under the laws of its home state, following the rule in (A). (6) State includes any state of the United States, plus the District of Columbia, Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.