Section 60. Credit for reinsurance; reinsurer licensed in this Commonwealth

Latest version.

Pursuant to § 38.2-1316.2 A 1 and B 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.

Historical Notes

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

Statutory Authority

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

                    
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