DRAFT Georgia, Connecticut Finalize Credit for Reinsurance Model Regulations
Aug 13, 2013
After enacting related new laws last year, Georgia and Connecticut recently finalized versions of the NAIC’s Credit for Reinsurance Model Regulation. The new Rules became effective on June 12 and August 6, 2013, respectively.
The Georgia version sets forth rules and procedures that Georgia’s Insurance and Fire Safety Commissioner deems necessary to carry out the provisions of O.C.G.A. § 33-7-14, which allows credit for reinsurance to be given to insurers and reinsurers under certain circumstances in fulfillment of statutory obligations in the event of their insolvency or liquidation.
To view the complete Georgia regulation, click here. To view the enabling legislation, click here.
Connecticut also updated its regulations to expand the options under which a U.S. insurer is allowed to take credit for reinsurance in its financial statements when risk is ceded to a “certified reinsurer” as determined by the State Insurance Commissioner.
To view the complete Connecticut regulation, click here. To view the enabling legislation, click here.
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