15-U.S.C.-8223

§8223 – Definitions

Pathway

Title 15 > Chapter 108 > Subchapter II > Section 8223

Details

• Reference: Section 8223
• Legend: §8223 – Definitions
• USCode Year: 2013

Provision Content

For purposes of this subchapter, the following definitions shall apply:

(1) Ceding insurer

The term ceding insurer means an insurer that purchases reinsurance.

(2) Domiciliary State

The terms State of domicile and domiciliary State mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.

(3) NAIC

The term NAIC means the National Association of Insurance Commissioners or any successor entity.

(4) Reinsurance

The term reinsurance means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.

(5) Reinsurer

(A) In general

The term reinsurer means an insurer to the extent that the insurer—

(i) is principally engaged in the business of reinsurance;

(ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and

(iii) is not engaged in an ongoing basis in the business of soliciting direct insurance.

(B) Determination

A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph.

(6) State

The term State includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.

(Pub. L. 111–203, title V, §533, July 21, 2010, 124 Stat. 1595.)

U.S. Encyclopedia of Law Coverage

15-U.S.C.-8113 in the Legal Encyclopedia: Trade Law

In this entry about 15-U.S.C.-8113, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.

12-U.S.C.-353 in the Legal Encyclopedia: Insurance

In this entry about 12-U.S.C.-353, find legal reference material, bibliographies and premiere content related to insurance in the American Encyclopedia of Law, presenting a comprehensive view of the United States insurance-specific issues, written by authorities in the field.

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