Law360, New York (December 23, 2011, 1:01 PM EST) -- On Nov. 6, 2011, the National Association of Insurance Commissioners (NAIC) adopted long-awaited amendments to its Credit for Reinsurance Model Act and Model Regulation. As their titles indicate, these models establish the rules under which reinsurance credit is allowed a U.S. ceding insurer domiciled in the state.
The key changes made in the amended models are:
Adds new limits on the concentration risk a domestic ceding insurer may have in a single reinsurer, and adds a requirement that every domestic ceding insurer notify its domestic state...
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