Or. Admin. Code § 836-029-0065 - Reinsurance
(1) Any captive
insurer authorized to do business in this state may take credit for reserves on
risks ceded to a reinsurer subject to the following limitations:
(a) No credit shall be allowed for
reinsurance where the reinsurance contract does not result in the transfer of
the risk or liability to the reinsurer.
(b) No credit shall be allowed, as an asset
or a deduction from liability, to any ceding insurer for reinsurance unless the
reinsurance is payable by the assuming insurer on the basis of the liability of
the ceding insurer under the contract reinsured without diminution because of
the insolvency of the ceding insurer.
(2) Reinsurance under this section shall be
effected through a written agreement of reinsurance setting forth the terms,
provisions and conditions governing such reinsurance.
(3) A captive insurer shall file with the
Director of the Department of Consumer and Business Services complete copies of
all reinsurance treaties and contracts for prior approval by the director. Any
amendments to reinsurance agreements must be submitted to the director for
prior approval.
Notes
Stat. Auth.: ORS 731.244, 2012 OL Ch. 84, Sec. 4 (Enrolled SB 1547)
Stats. Implemented: 2012 OL Ch. 84, Sec. 2-22 (Enrolled SB 1547)
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