Pursuant to Section 27-5B-9, the Commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Sections 27-5B-4, 27-5B-5, 27-5B-6, 27-5B-7, 27-5B-8, 27-5B-8.1, or other appropriate section of the Act, but only with respect to the insurance of risks located in jurisdictions where such reinsurance is required by the applicable law or regulation of that jurisdiction. As used in this rule, "jurisdiction" means any state, district or territory of the United States and any lawful national government.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §§27-2-17, 27-5B-1, et seq.

History: New Rule: October 9, 2013; effective January 1, 2014. Filed with LRS October 9, 2013. Rule is not subject to the Alabama Administrative Procedure Act. Amended: June 10, 2021; effective January 1, 2022. Filed with LRS June 10, 2021. Rule is not subject to the Alabama Administrative Procedure Act.