Credit for Reinsurance

230-RICR-20-45-3 ACTIVE RULE

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3.4Credit for Reinsurance – Reinsurer Licensed in this State

3.5Credit for Reinsurance – Accredited Reinsurers

3.6Credit for Reinsurance – Reinsurer Domiciled and Licensed in Another State

3.7Credit for Reinsurance – Reinsurers Maintaining Trust Funds

3.8Credit for Reinsurance – Certified Reinsurers

3.9Credit for Reinsurance – Reciprocal Jurisdictions

3.10Credit for Reinsurance Required by Law

3.11Asset or Reduction from Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer Not Meeting the Requirements of §§ 3.4 through 3.10 of this Part

3.12Trust Agreements Qualified under § 3.11 of this Part

3.13Letters of Credit Qualified Under § 3.11 of this Part

3.14Other Security

3.15Reinsurance Contracts

3.16Contracts Affected

Title 230 Department of Business Regulation (includes the Office of the Health Insurance Commissioner)
Chapter 20 Insurance
Subchapter 45 Financial Standards and Corporate Operations
Part 3 Credit for Reinsurance
Type of Filing Direct Final Amendment
Regulation Status Active
Effective 07/29/2022

Regulation Authority:

R.I. Gen. Laws § 27-1.1-4

Purpose and Reason:

This regulation is being amended to correct typographical and drafting errors.     

The following is a summary of the substantive, non-technical changes to correct typographical and drafting errors:

3.13(H)(2) – deleting the phrase “ceding insurer claims are due”

3.15(A)(2) – deleting the phrase “if an authorized assuming insurer”

The Department does not expect these proposed amendments to be controversial.