15 U.S.C. § 8223 — Definitions

FEDERAL · 15 U.S.C. · Chapter 108

Definitions

Current through Pub. L. 119-102

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

For purposes of this subchapter, the following definitions shall apply:

(1)Ceding insurer The term "ceding insurer" means an insurer that purchases reinsurance.

(2)Domiciliary State The terms "State of domicile" and "domiciliary State" mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.

(3)NAIC The term "NAIC" means the National Association of Insurance Commissioners or any successor entity.

(4)Reinsurance The term "reinsurance" means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.

(5)Reinsurer

(A)In general The term "reinsurer" means an insurer to the extent that the insurer—

(i)is principally engaged in the business of reinsurance;

(ii)does not

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For purposes of this subchapter, the following definitions shall apply:
(1) Ceding insurer
The term "ceding insurer" means an insurer that purchases reinsurance.
(2) Domiciliary State
The terms "State of domicile" and "domiciliary State" mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.
(3) NAIC
The term "NAIC" means the National Association of Insurance Commissioners or any successor entity.
(4) Reinsurance
The term "reinsurance" means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.
(5) Reinsurer
(A) In general
The term "reinsurer" means an insurer to the extent that the insurer—
(i) is principally engaged in the business of reinsurance;
(ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and
(iii) is not engaged in an ongoing basis in the business of soliciting direct insurance.
(B) Determination
A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph.
(6) State
The term "State" includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.

15 U.S.C. § 8223 (Definitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 111–203, title V, §533, July 21, 2010, 124 Stat. 1595.)