§ 58-5-150 — Materiality of nonrenewals, cancellations or revisions.

No nonrenewals, cancellations, or revisions of ceded reinsurance programs need to be reported pursuant to § 58-5-143 if the nonrenewals, cancellations, or revisions are not material. For purposes of the chapter, a material nonrenewal, cancellation, or revision is one that affects the property and casualty business, including accident and health business, by more than fifty percent of an insurer's ceded written premium, or for life, annuity, and accident and health business, more than fifty percent of the total reserve credit taken for business ceded, on an annualized basis as indicated in the insurer's most recently filed statutory statement. However, no filing is required if the insurer's ceded written premium or the total reserve credit taken for business ceded represents, on an annualized basis, less than ten percent of direct plus assumed written premium or ten percent of the statutory reserve requirement prior to any cession, respectively.

Legislative History

SL 1995, ch 275, § 7.