Sec. 173.2. Reserve credit for liability assumed.
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/il/chapter-215/act-5/173-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 173.2. Reserve credit for liability assumed.
No credit shall be allowed as an admitted asset or as a deduction from liability, to any ceding company for reinsurance unless the reinsurance is payable by the assuming company on the basis of the liability of the ceding company under the contract or contracts reinsured without diminution because of the insolvency of the ceding company.