Skip to main content
 
USC › Title 15 › Chapter 108 › Subchapter II › § 8223

15 USC § 8223 - Definitions

USCPrelim is a preliminary release and may be subject to further revision before it is released again as a final version.

Current through Pub. L. 112-238. (See Public Laws for the current Congress.)

For purposes of this subchapter, the following definitions shall apply:
(1) Ceding insurer
The term “ceding insurer” means an insurer that purchases reinsurance.
(2) Domiciliary State
The terms “State of domicile” and “domiciliary State” mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.
(3) NAIC
The term “NAIC” means the National Association of Insurance Commissioners or any successor entity.
(4) Reinsurance
The term “reinsurance” means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.
(5) Reinsurer
(A) In general
The term “reinsurer” means an insurer to the extent that the insurer—
(i) is principally engaged in the business of reinsurance;
(ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and
(iii) is not engaged in an ongoing basis in the business of soliciting direct insurance.
(B) Determination
A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph.
(6) State
The term “State” includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.

prev | next
For purposes of this subchapter, the following definitions shall apply:
(1) Ceding insurer
The term “ceding insurer” means an insurer that purchases reinsurance.
(2) Domiciliary State
The terms “State of domicile” and “domiciliary State” mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.
(3) NAIC
The term “NAIC” means the National Association of Insurance Commissioners or any successor entity.
(4) Reinsurance
The term “reinsurance” means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.
(5) Reinsurer
(A) In general
The term “reinsurer” means an insurer to the extent that the insurer—
(i) is principally engaged in the business of reinsurance;
(ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and
(iii) is not engaged in an ongoing basis in the business of soliciting direct insurance.
(B) Determination
A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph.
(6) State
The term “State” includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.

Source

(Pub. L. 111–203, title V, § 533,July 21, 2010, 124 Stat. 1595.)

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Wednesday, February 6, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

15 USCDescription of ChangeSession YearPublic LawStatutes at Large
LII has no control over and does not endorse any external Internet site that contains links to or references LII.