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District of Columbia Code Division V. Local Business Affairs § 31-3932.11. Reinsurance.

Current as of January 01, 2024 | Updated by Findlaw Staff

An SPFC contract which complies with this subchapter shall be granted credit for reinsurance treatment or otherwise qualifies as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an SPFC as an assuming insurer pursuant to § 31-502, for the benefit of the counterparty; provided, that:

(1) Credit shall be granted only to the extent of the fair value of the assets held in trust for, or irrevocable letters of credit issued by a bank chartered by the District or a member bank of the Federal Reserve System or as approved by the Commissioner, for the benefit of the counterparty under the SPFC contract;

(2) The assets are held in trust pursuant to this subchapter;

(3) The assets are administered in the manner and pursuant to arrangements as provided in this subchapter; and

(4) The assets are held or invested in one or more of the forms allowed by § 31-3932.07.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 31-3932.11. Reinsurance. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-31-3932-11/

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