Administrative Code

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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

14VAC5-300-60. Credit for Reinsurance; Reinsurer Licensed in This Commonwealth.

Pursuant to § 38.2-1316.2 C 1 of the Act, the commission shall allow credit when reinsurance is ceded to an assuming insurer which is licensed to transact insurance in this Commonwealth. For purposes of this section, an insurer shall not be considered so "licensed" unless it is fully authorized to actively solicit and conduct its business in this Commonwealth and in its domiciliary state.

Statutory Authority

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

Historical Notes

Derived from Regulation 43, Case No. INS910307, § 7, eff. March 1, 1992; amended, Volume 29, Issue 04, eff. January 1, 2013; Volume 35, Issue 05, eff. November 1, 2018.

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