Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 280. Rules Establishing Standards for Life, Annuity, and Accident and Sickness Reinsurance Agreements

14VAC5-280-50. Written agreements.

A. No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the commission, unless the agreement, amendment or a letter of intent has been duly executed by both parties no later than the "as of date" of the financial statement.

B. In the case of a letter of intent, a reinsurance agreement or an amendment to a reinsurance agreement must be executed within a reasonable period of time, not exceeding 90 days from the execution date of the letter of intent, in order for credit to be granted for the reinsurance ceded.

C. The reinsurance agreement shall at all times set forth the names of all parties to the agreement.

D. The reinsurance agreement shall contain provisions which provide that:

1. The agreement shall constitute the entire agreement between the parties with respect to the business being reinsured thereunder and that there are no understandings between the parties other than as expressed in the agreement; and

2. Any change or modification to the agreement shall be null and void unless made by amendment to the agreement and signed by both parties.

Statutory Authority

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

Historical Notes

Derived from Regulation 41, Case No. INS910220, § 5, effective December 1, 1991; amended, Case No. INS940204, Virginia Register Volume 11, Issue 11, eff. April 1, 1995.

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