N.M. Admin. Code § 13.2.7.12 - WRITTEN AGREEMENTS
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
superintendent, 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 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 provide
that:
(1) 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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