§ 8221. Regulation of credit for reinsurance and reinsurance agreements

232 words·~1 min read·/usc/title-15/section-8221

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(a)Credit for reinsurance 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.

(b)Additional preemption of extraterritorial application of State law 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—

(1)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;

(2)require that a certain State’s law shall govern the reinsurance contract, disputes arising from the reinsurance contract, or requirements of the reinsurance contract;

(3)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

(4)otherwise apply the laws of the State to reinsurance agreements of ceding insurers not domiciled in that State.

(Pub. L. 111–203, title V, § 531, July 21, 2010, 124 Stat. 1595.)

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statute-compilations

Sec. 531
REGULATION OF CREDIT FOR REINSURANCE AND REINSURANCE AGREEMENTS

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Public Law 111–203
To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes

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Pub. L. 111–203, title V, § 531
124 Stat. 1595

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§ 8221

Regulation of credit for reinsurance and reinsurance agreements

Stat. Comp.×1

Stat.×1

Pub. L.Pub. L. 111–203, title V, § 531

Stat.124 Stat. 1595

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