15 U.S.C. § 8222 — Regulation of reinsurer solvency

FEDERAL · 15 U.S.C. · Chapter 108

Regulation of reinsurer solvency

Current through Pub. L. 119-102

Title 15 — Commerce and Trade·Ch. 108 — STATE-BASED INSURANCE REFORM·Subch. II

(a)Domiciliary State regulation If the State of domicile of a reinsurer is an NAIC-accredited State or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, such State shall be solely responsible for regulating the financial solvency of the reinsurer.

(b)Nondomiciliary States

(1)Limitation on financial information requirements If the State of domicile of a reinsurer is an NAIC-accredited State or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, no other State may require the reinsurer to provide any additional financial information other than the information the reinsurer is required to file with its domiciliary State.

(2)Receipt of information No provision of this s

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(a) Domiciliary State regulation
If the State of domicile of a reinsurer is an NAIC-accredited State or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, such State shall be solely responsible for regulating the financial solvency of the reinsurer.
(b) Nondomiciliary States
(1) Limitation on financial information requirements
If the State of domicile of a reinsurer is an NAIC-accredited State or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, no other State may require the reinsurer to provide any additional financial information other than the information the reinsurer is required to file with its domiciliary State.
(2) Receipt of information
No provision of this section shall be construed as preventing or prohibiting a State that is not the State of domicile of a reinsurer from receiving a copy of any financial statement filed with its domiciliary State.

15 U.S.C. § 8222 (Regulation of reinsurer solvency) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 111–203, title V, §532, July 21, 2010, 124 Stat. 1595.)