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You are here: Home / Reinsurance Transactions / Accounting for Reinsurance / IOWA AND MARYLAND ADOPT ACTS CONCERNING CREDIT FOR REINSURANCE

IOWA AND MARYLAND ADOPT ACTS CONCERNING CREDIT FOR REINSURANCE

May 22, 2013 by Carlton Fields

On April 24, 2013, the Iowa State Senate adopted a Credit for Reinsurance Act that becomes effective January 1, 2014. On March 20, 2013, the Maryland State Senate adopted Senate Bill 777, an Act concerning “Insurance – Ceding Insurers and Reinsurance,” which takes effect June 1, 2013. The language of both Acts closely tracks that of the NAIC Credit for Reinsurance Model Law, which allows a ceding insurer to receive a credit for reinsurance when insurance is ceded to a reinsurer that meets certain requirements. Senate File 182, 85th Gen. Assembly (IA Apr. 24, 2013); Senate Bill 777, Gen. Assembly (MD 2013). A staff summary provides an analysis of the Maryland act.

This post written by Abigail Kortz.

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Filed Under: Accounting for Reinsurance, Reinsurance Regulation

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