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You are here: Home / Reinsurance Transactions / Accounting for Reinsurance / CONNECTICUT INSURANCE DEPARTMENT AMENDS CREDIT FOR REINSURANCE REPORTING REQUIREMENTS

CONNECTICUT INSURANCE DEPARTMENT AMENDS CREDIT FOR REINSURANCE REPORTING REQUIREMENTS

January 17, 2013 by Carlton Fields

Effective October 1, 2012, the Connecticut Insurance Department has amended its Credit for Reinsurance law to align with the November 2011 amendments to the NAIC Credit for Reinsurance Model Law. The amendments to Connecticut’s law adopt the NAIC Model Law’s reporting requirements, which require a domestic ceding insurer to notify the Insurance Commissioner when reinsurance recoverables and amounts ceded to a single assuming insurer exceed certain thresholds. State of Conn. Ins. Dep’t, Credit for Reinsurance Reporting Requirements, Bulletin No. FS-24 (Dec. 3, 2012).

This post written by Abigail Kortz.

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Filed Under: Accounting for Reinsurance, Reinsurance Regulation

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