in-20220629-IR-760210519FRA: Amends 760 IAC 1-56-7 regarding reinsurers maintaining trust funds. Amends 760 IAC 1-56-7.5 regarding certified reinsurer requirements. Adds 760 IAC 1-56-7.8 regarding reciprocal jurisdictions. Amends 760 IAC 1-56-8 regarding credit for reinsurance required by law. Amends 760 IAC 1-56-9 regarding reduction from liability for reinsurance ceded to an unauthorized assuming insurer. Amends 760 IAC 1-56-10 regarding trust agreements. Amends 760 IAC 1-56-13 regarding reinsurance contracts. Adds 760 IAC 1-56-17 concerning certificates of reinsurers domiciled in reciprocal jurisdictions. Amends 760 IAC 1-56-1 , 760 IAC 1-56-2 , 760 IAC 1-56-4 , 760 IAC 1-56-5 , 760 IAC 1-56-6 , and 760 IAC 1-56-11 to make numerous technical changes. Effective 30 days after filing with the Publisher.
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The regulation includes updates to rules governing the financial and operational requirements for reinsurers, such as maintaining trust funds and meeting certification standards. It also introduces provisions related to reciprocal jurisdictions and makes several technical changes to existing rules regarding reinsurance contracts and credits.
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