HB 44 — Session Law

… t GENERAL ASSEMBLY FORMERLY HOUSE BILL NO. 44 AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO CREDIT FOR REINSURANCE. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend Chapter 9, Subchapter III, Title 1 …

… as shown by underline and by redesignating accordingly: § 911 Credit allowed a domestic ceding insurer. Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance …

… insurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of paragraph (1), (2), (3), (4), (5), or (6) or (7) of this sect …

… case of a U.S. branch of an alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance. Credit shall be allowed under paragraph (3) or (4) of this section only if the applicable requirement …

… branch of an alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance. Credit shall be allowed under paragraph (3) or (4) of this section only if the applicable requirements of paragraph …

… able requirements of paragraph (7) (8) of this section have been satisfied. (6)a. Credit shall be allowed when the reinsurance is ceded to an assuming insurer meeting each of the conditions set forth below. 1. The assuming insurer must have it …

… resses the elimination, under specified conditions, of collateral requirements as a condition for entering into any reinsurance agreement with a ceding insurer domiciled in this state or for allowing the ceding insurer to recognize credit for …

… greement with a ceding insurer domiciled in this state or for allowing the ceding insurer to recognize credit for reinsurance; B. A U.S. jurisdiction that meets the requirements for accreditation under the National Association of Insurance Co …