48.12.168 - Credit for reinsurance -- Foreign ceding insurer. - Washington Statutes

Credit for reinsurance — Foreign ceding insurer.

(1) Unless credit for reinsurance or deduction from liability is prohibited under RCW 48.12.164, a foreign ceding insurer is allowed credit for reinsurance or deduction from liability to the extent credit has been allowed by the ceding insurer's state of domicile if:

     (a) The state of domicile is accredited by the national association of insurance commissioners; or

     (b) Credit or deduction from liability would be allowed under chapter 379, Laws of 1997 if the foreign ceding insurer were domiciled in this state.

     (2) Notwithstanding subsection (1) of this section, credit for reinsurance or deduction from liability may be disallowed upon a finding by the commissioner that either the condition of the reinsurer, or the collateral or other security provided by the reinsurer, does not satisfy the credit for reinsurance requirements applicable to ceding insurers domiciled in this state.

[1997 c 379 § 8.]

Notes: Purpose -- Intent -- 1997 c 379: See note following RCW 48.12.156.