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CREDIT FOR REINSURANCE -- REINSURER LICENSED IN THIS STATE - adminrules idaho

CREDIT FOR REINSURANCE -- REINSURER LICENSED IN THIS STATE - adminrules idaho 2025

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The document outlines the 'Credit for Reinsurance Rules' established by the Idaho Department of Insurance, detailing the legal authority, title, scope, and procedural requirements for crediting reinsurance. It specifies conditions under which credit is allowed for reinsurance ceded to licensed or accredited reinsurers, including those domiciled in other states and those maintaining trust funds. The rules also address administrative appeals, written interpretations, and various security measures such as letters of credit and trust agreements necessary for compliance. Overall, it aims to protect ceding insurers while ensuring proper regulatory oversight.

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Click ‘Get Form’ to open it in the editor.
Begin by reviewing the 'Legal Authority' section to understand the foundational rules governing the form.
Proceed to the 'Title and Scope' section, ensuring you comprehend the purpose of this rule as it relates to credit for reinsurance.
Fill out Section 011 regarding credit for reinsurance ceded by a domestic insurer to licensed reinsurers. Ensure all details are accurate and reflect your current status.
Complete Section 021 if applicable, which pertains to accredited reinsurers. Provide necessary documentation as outlined.
If using trust funds, navigate to Section 041 and ensure compliance with all requirements for maintaining trust funds.
Finally, review your entries for accuracy before saving or submitting your completed form through our platform.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is credit for reinsurance?

Credit for reinsurance is a statutory accounting procedure permitting a ceding company to treat amounts due from reinsurers as assets or reductions from liability based on the status of the reinsurer.

What is credit surety?

A surety bond guarantees that a party (principal/contractor) fulfills its obligation towards another party (beneficiary) according to the terms and conditions of the underlying contract. In order to trigger a loss under a bond, the contractor must either fail to perform or be in financial default, usually insolvency.

What is the model credit for the reinsurance Act?

Pursuant to Section [cite state law equivalent to Section 2D of the Credit for Reinsurance Model Law (#785)] the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer which, as of any date on which statutory financial statement credit for reinsurance is claimed, and

Do reinsurers underwrite?

As such, the reinsurer is responsible for underwriting the individual risk involved. This type of reinsurance allows the reinsurer to reject all or parts of the policy that they take on.

What is the credit risk of a reinsurer?

Reinsurance credit risk arises whenever a direct insurer is exposed to loss if a reinsurer fails to pay reinsurance recovery. Tis special type of credit risk is discussed and a method for calibrating limits of exposure to reinsurance credit risk is proposed in this paper.

What is the credit rating of Thai reinsurance?

01Ratings RatingActionType A- Affirmed Long Term Insurer Financial Strength

What is a letter of credit in reinsurance?

Letters of credit (LOCs) are utilized in a variety of risk management transactions and are the most frequently used type of collateral. An LOC is a legal commitment issued by a bank stating that, upon receipt of certain documents, the bank will pay against drafts meeting the terms of the LOC.

What is reserve credit in reinsurance?

Reserve credit is the dollar amount of credit a ceding insurer receives by using reinsurance. Reserve credit decreases the ceding companys required reserves by the same amount. A little more than a third of the reserve credit backs higher-risk product lines, such as variable annuities and long-term care.