31 Pa. Code § 161.7 - Credit for joint underwriting or pooling arrangements
(a) Domestic ceding insurers which are
participating in a joint underwriting or joint reinsurance pooling arrangement,
in which the insurers participating in the arrangement are not qualified or
certified reinsurers, may request specific approval by the Commissioner to take
reserve credit for reinsurance ceded under those arrangements.
(b) The Commissioner may specify what
information is required to be filed with respect to the participants in the
arrangement to determine whether credit shall be allowed.
(c) In determining whether credit will be
allowed under this section, the Commissioner will consider:
(1) The amount of risk ceded under the
arrangement to reinsurers which are either qualified reinsurers under this
chapter or which are licensed to transact insurance or reinsurance in this
State.
(2) The financial condition
and state of domicile of the participants.
(3) The length of time the agreement has been
in force and the effect of the agreement on the participants.
(4) The type of risk being reinsured by the
pool and the maximum per risk exposure of the pool.
(5) The management and control of the
operations of the pool.
(6) Other
information the Commissioner may prescribe.
Notes
The provisions of this § 161.7 amended under sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S. §§ 66, 186, 411 and 412); and section 319.1 of The Insurance Company Law of 1921 (40 P. S. § 42.1).
This section cited in 31 Pa. Code § 161.3 (relating to credit for reinsurance).
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.