Title 15 — Commerce and Trade
Chapter 108 — State-Based Insurance Reform
§ 8223. Definitions
Statutory text
For purposes of this subchapter, the following definitions shall apply:
Ceding insurer
The term “ceding insurer” means an insurer that purchases reinsurance.
Domiciliary State
The terms “State of domicile” and “domiciliary State” mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.
NAIC
The term “NAIC” means the National Association of Insurance Commissioners or any successor entity.
Reinsurance
The term “reinsurance” means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.
Reinsurer
In general
The term “reinsurer” means an insurer to the extent that the insurer—
is principally engaged in the business of reinsurance;
does not conduct significant amounts of direct insurance as a percentage of its net premiums; and
is not engaged in an ongoing basis in the business of soliciting direct insurance.
Determination
A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph.
State
The term “State” includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Nonadmitted and Reinsurance Reform Act of 2010
Pub. L. 111–203 title V § 533 · 124 Stat. 1376
Enacted · 15 U.S.C. § 8223
(Pub. L. 111–203, title V, § 533, July 21, 2010, 124 Stat. 1595.)
Source evidence
Code source credit
(Pub. L. 111–203, title V, § 533, July 21, 2010, 124 Stat. 1595.)Enacted provision · exact public law section
SEC. 533. DEFINITIONS. For purposes of this part, the following definitions shall apply: (1) Ceding insurer.— The term “ceding insurer” means an insurer that purchases reinsurance. (2) Domiciliary state.— The terms “State of domicile” and “domiciliary State” mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed. (3) NAIC.— The term “NAIC” means the National Association of Insurance Commissioners or any successor entity. (4) Reinsurance.— The term “reinsurance” means the assumption by an insurer of all or part of a risk undertaken originally by another insurer. (5) Reinsurer.— (A) In general.— The term “reinsurer” means an insurer to the extent that the insurer— (i) is principally engaged in the business of reinsurance; (ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and (iii) is not engaged in an ongoing basis in the business of soliciting direct insurance. (B) Determination.— A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph. (6) State.— The term “State” includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
1 of 1 references resolved to an enrolled provision