19 Miss. Code. R. 1-22.15 - Reinsurance Contract

Credit will not be granted to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of Rules 22.04, 22.05. 22.06, 22.07, 22.08, 22.09 or 22.11 of this regulation or otherwise in compliance with Miss. Code Ann. § 83-19-151 after the adoption of this regulation unless the reinsurance agreement:

A. Includes a proper insolvency clause, which stipulates that reinsurance is payable directly to the liquidator or successor without diminution regardless of the status of the ceding company, pursuant to Miss. Code Ann. § 83-6-38; and

B. Includes a provision pursuant to Miss. Code Ann. § 83-19-151(f) whereby the assuming insurer, if an unauthorized assuming insurer, has submitted to the jurisdiction of an alternate dispute resolution panel or court of competent jurisdiction within the United States, has agreed to comply with all requirements necessary to give such court or panel jurisdiction, has designated an agent upon whom service of process may be effected, and has agreed to abide by the final decision of such court or panel, and

C. Includes a proper reinsurance intermediary clause, if applicable, which stipulates that the credit risk for the intermediary is carried by the assuming insurer.

Notes

19 Miss. Code. R. 1-22.15

Miss. Code Ann. § 83-19-151 (Rev. 2011)

Amended 7/1/2017 Amended 1/1/2021