Section 1104.50  Credit for Reinsurance Required by Law  

Pursuant to Section 173.1(1)(D) of the Code, the Director shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Section 173.1(1)(A), (B) or (C) of the Code but only with respect to the insurance of risks located in jurisdictions where that reinsurance is required by applicable law or regulation of that jurisdiction.  As used in this Section, "jurisdiction" means any state, district or territory of the United States and any lawful national government.

(Source:  Amended at 33 Ill. Reg. 9314, effective June 18, 2009)