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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 300. Rules Governing Credit for Reinsurance
11/21/2024

14VAC5-300-100. Credit for reinsurance required by law.

When an assuming insurer fails to meet the requirements of § 38.2-1316.2 of the Act, the ceding insurer may take credit pursuant to subdivision 1 of § 38.2-1316.4 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 section, "jurisdiction" means any state, district or territory of the United States and any lawful national government.

Statutory Authority

§§ 38.2-223, 38.2-1316.7 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Regulation 43, Case No. INS910307, § 11, eff. March 1, 1992; amended, Virginia Register Volume 29, Issue 4, eff. January 1, 2013.

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