CONNECTICUT INSURANCE DEPARTMENT AMENDS CREDIT FOR REINSURANCE REPORTING REQUIREMENTS
Effective October 1, 2012, the Connecticut Insurance Department has amended its Credit for Reinsurance law to align with the November 2011 amendments to the NAIC Credit for Reinsurance Model Law. The amendments to Connecticut’s law adopt the NAIC Model Law’s reporting requirements, which require a domestic ceding insurer to notify the Insurance Commissioner when reinsurance recoverables and amounts ceded to a single assuming insurer exceed certain thresholds. State of Conn. Ins. Dep’t, Credit for Reinsurance Reporting Requirements, Bulletin No. FS-24 (Dec. 3, 2012).
This post written by Abigail Kortz.
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