Section 1104.100  Reinsurance Contract

Credit will not be granted to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of Section 1104.20, 1104.30, 1104.40 or 1104.60 of this Part or otherwise in compliance with Section 173.1(1) of the Code after January 1, 1996 unless the reinsurance agreement:

a)         Includes a proper insolvency clause pursuant to Section 173.2 of the Code; and

b)         Includes a provision pursuant to Section 173.1(1)(E) of the Code under which the assuming insurer, if an unauthorized assuming insurer, has submitted to the jurisdiction of an alternative dispute resolution panel or court of competent jurisdiction within the United States, has agreed to comply with all requirements necessary to give the court or panel jurisdiction, has designated an agent upon whom service of process may be effected, and has agreed to abide by the final decision of the court or panel.

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