31A-17-404.2 - Credit allowed a foreign ceding insurer. - Utah Statutes

31A-17-404.2. Credit allowed a foreign ceding insurer.
(1) A foreign ceding insurer is allowed a credit for reinsurance or reduction from liabilityto the extent that credit is allowed by the ceding insurer's state of domicile if:
(a) the state of domicile is accredited by the National Association of InsuranceCommissioners; or
(b) credit or reduction from liability would be allowed under this section if the foreignceding insurer were domiciled in this state.
(2) Credit for reinsurance or reduction from liability may be disallowed a foreign cedinginsurer upon a finding by the commissioner that one or more of the following do not satisfy thecredit for reinsurance requirements of this chapter applicable to a ceding insurer domiciled in thisstate:
(a) the condition of the reinsurer; or
(b) the collateral or other security provided by the reinsurer.

Enacted by Chapter 257, 2008 General Session