Statutes, codes, and regulations
Colorado Administrative Code
Department 700 - Department of Regulatory AgenciesDivision 702 - Division of InsuranceRule 3 CCR 702-3 - FINANCIAL ISSUES
Regulation Regulation 3-3-3 - CREDIT FOR REINSURANCE
Section 3 CCR 702-3-3-3-15 - Reinsurance Contract

3 Colo. Code Regs. § 702-3-3-3-15

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Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-3-3-3-15 - Reinsurance Contract

Credit will not be granted, nor an asset or reduction from liability allowed, to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of Sections 4, 5, 6, 7, 8, 9 or 11 of this regulation or otherwise in compliance with Section 10-3-702, et. seq. after the adoption of this regulation unless the reinsurance agreement:

A. Includes a proper insolvency clause, which stipulates that reinsurance is payable directly to the liquidator or successor without diminution regardless of the status of the ceding company, pursuant to Section 10-3-531, C.R.S.;
B. Includes a provision pursuant to Section 10-3-702, et. seq., whereby the assuming insurer, if an unauthorized assuming insurer, has submitted to the jurisdiction of an alternative dispute resolution panel or court of competent jurisdiction within the United States, has agreed to comply with all requirements necessary to give the court or panel jurisdiction, has designated an agent upon whom service of process may be effected, and has agreed to abide by the final decision of the court or panel; and
C. Includes a proper reinsurance intermediary clause, if applicable, which stipulates that the credit risk for the intermediary is carried by the assuming insurer.

3 CCR 702-3-3-3-15

37 CR 20, October 25,2014, effective 11/15/2014
37 CR 20, October 25,2014, effective 1/1/2015
37 CR 23, December 10, 2014, effective 1/1/2015
38 CR 17, September 10, 2015, effective 10/1/2015
39 CR 05, March 10, 2016, effective 4/1/2016
39 CR 14, July 25, 2016, effective 8/15/2016
39 CR 23, December 10, 2016, effective 1/1/2017
40 CR 03, February 10, 2017, effective 3/15/2017
40 CR 05, March 10, 2017, effective 4/1/2017
40 CR 13, July 10, 2017, effective 8/1/2017
40 CR 17, September 10, 2017, effective 11/1/2017
43 CR 06, March 25, 2020, effective 4/15/2020
44 CR 03, February 10, 2021, effective 3/15/2021
44 CR 23, December 10, 2021, effective 1/1/2022
46 CR 03, February 10, 2023, effective 3/2/2023