NAC694C.250. Reinsurance and excess insurance.  


Latest version.
  •      1. A captive insurer shall give at least 90 days’ advance notice to the insured and the Commissioner of the termination or modification of any reinsurance treaty or agreement held by the captive insurer. Upon notification of termination or modification of a reinsurance treaty or agreement held by a captive insurer, the Commissioner may order the captive insurer to cease writing any new business until the Commissioner approves the modification of the existing reinsurance treaty or agreement, or any replacement reinsurance treaty or agreement obtained by the captive insurer.

         2. Reinsurance and excess insurance must be effected through a written agreement of reinsurance, or a written contract setting forth the terms, provisions and conditions governing the reinsurance.

         3. The Commissioner may require that complete copies of all reinsurance treaties, agreements and contracts entered into by a captive insurer be:

         (a) Filed by the captive insurer with the Commissioner;

         (b) Approved by the Commissioner; or

         (c) Filed by the captive insurer with, and approved by, the Commissioner.

     (Added to NAC by Comm’r of Insurance by R125-99, eff. 1-27-2000)