1. (1) includes a proper insolvency clause, stipulating that reinsurance is payable directly to the liquidator or successor without diminution regardless of the status of the ceding company;

2. (2) includes a provision that the assuming insurer, if an authorized assuming insurer:

   1. (a) submits to the jurisdiction of an alternative dispute resolution panel or court of competent jurisdiction within the United States;
   2. (b) complies with all requirements necessary to give the court or panel jurisdiction;
   3. (c) designates an agent who service of process may be made upon; and
   4. (d) agrees to abide by the final decision of the court or panel; and
3. (3) includes a proper reinsurance intermediary clause stipulating that the credit risk for the intermediary is carried by the assuming insurer.

Credit for reinsurance may not be granted, and an asset or reduction from liability allowed, to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of this rule or Section 31A-17-404 unless the reinsurance agreement:

KEY: insurance

Date of Last Change: July 29, 2022

Notice of Continuation: June 21, 2022

Authorizing, and Implemented or Interpreted Law: 31A-2-201