N.Y. Comp. Codes R. & Regs. tit. 11 § 127.3

Current through Register Vol. 46, No. 53, December 31, 2024

Section 127.3 - Written agreements

(a) No reinsurance agreement or amendment to an agreement may be used to take reserve credit by reducing a liability or by establishing an asset in any financial statement filed with the superintendent, unless the agreement, amendment or a binding letter of intent has been duly executed by both parties no later than the "as of date" of the financial statement.

(b) No credit shall be granted for reinsurance ceded under a letter of intent unless a reinsurance agreement or an amendment to a reinsurance agreement is executed within 90 days from the execution date of the letter of intent.

(c) The reinsurance agreement shall provide that:

(1) the agreement shall constitute the entire agreement between the parties with respect to the insurance policies or contracts reinsured and that there are no understandings between the parties other than as expressed in the agreement; and

(2) any change or modification to the agreement shall be null and void unless made by amendment to the agreement and signed by both parties.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 127.3