760 IAC 1-55-5 - Written agreements
Authority: IC 27-1-3-7; IC 27-6-10-15
Affected: IC 27-6-10
Sec. 5.
(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
department of insurance unless the agreement, amendment, or a binding 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 ninety (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 contain
provisions which provide in substance or effect:
(1) that 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.
Notes
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