New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter D - Reinsurance › Part 125 - Credit For Reinsurance › Section 125.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Alien group of
				  insurers means a group of insurers located outside the United States whose
				  members consist of individual incorporated assuming insurers that are not
				  engaged in any business other than underwriting as a member of the group and
				  individual unincorporated assuming insurers, provided that all the members are
				  subject to the same level of solvency regulation and control by the group's
				  domiciliary regulator, or a group of individual incorporated assuming insurers
				  located outside the United States.
(b) Article 16 system means an authorized
				  domestic insurer registered or required to register under Insurance Law article
				  16 and all of the insurer's subsidiaries.
(c) Article 17 system means a parent
				  corporation registered or required to register under Insurance Law article 17
				  and all of the parent corporation's subsidiaries.
(d)
Catastrophic loss
means
				  an event designated as a catastrophe by the property claims service, or an
				  equivalent organization as determined by the superintendent, or any successor
				  organization and covering losses related to a natural event including wind,
				  hail, hurricane, earthquake, winter storms (snow, ice, freezing), fire,
				  tsunami, or flood.
(e) Covered
				  agreement means an agreement entered into pursuant to
				  31 U.S.C. sections
				  313 and
				  314 that is
				  currently in effect or in a period of provisional application and addresses the
				  elimination, under specified conditions, of security requirements as a
				  condition for entering into any reinsurance agreement with a ceding insurer
				  domiciled in this State or for allowing the ceding insurer to recognize credit
				  for reinsurance.
(f) GAAP means
				  generally accepted accounting principles.
(g) Head office means the insurer's
				  headquarters from which the insurer's high-level officers direct, control, and
				  coordinate the insurer's business activities.
(h) Holding company shall have the meaning
				  set forth in Insurance Law section 1501(a)(3).
(i) Holding company system shall have the
				  meaning set forth in Insurance Law section 1501(a)(6).
(j)
IFRS
means international
				  financial reporting standards.
(k)
				  Jurisdiction means any foreign country or self-governing political subdivision
				  thereof, the United States, or any state, territory, or commonwealth of the
				  United States.
(l)
NAIC
means the National Association of Insurance
				  Commissioners.
(m) NAIC-accredited
				  jurisdiction means any state, territory, or commonwealth of the United States
				  that meets the requirements for accreditation under the NAIC financial
				  standards and accreditation program.
(n) Reciprocal jurisdiction means a
				  jurisdiction, designated by the superintendent, that is:
(1) a non-United States jurisdiction that is
				  subject to an in-force covered agreement with the United States, each within
				  its legal authority, or, in the case of a covered agreement between the United
				  States and the European Union, a member state of the European Union;
(2) an NAIC-accredited jurisdiction;
				  or
(3) a qualified jurisdiction, as
				  determined by the superintendent pursuant to section
				  125.4(h)(8) 
				  of this Part, that is not otherwise described in paragraphs (1) or (2) of this
				  subdivision and that the superintendent determines meets each of the following
				  additional requirements:
(i) provides that an
				  insurer that has its head office or is domiciled in such qualified jurisdiction
				  shall receive credit for reinsurance ceded to a United States-domiciled
				  assuming insurer in the same manner as credit for reinsurance is received for
				  reinsurance assumed by insurers domiciled in such qualified
				  jurisdiction;
(ii) does not require
				  a United States-domiciled assuming insurer to establish or maintain a local
				  presence as a condition for entering into a reinsurance agreement with any
				  ceding insurer subject to regulation by the non-United States jurisdiction or
				  as a condition to allow the ceding insurer to recognize credit for such
				  reinsurance;
(iii) recognizes the
				  United States' state regulatory approach to group supervision and group
				  capital, by providing written confirmation by a relevant regulatory authority
				  in such qualified jurisdiction that insurers that are domiciled or maintain
				  their headquarters in this State or another NAIC-accredited jurisdiction shall
				  be subject only to group supervision, including group governance, solvency and
				  capital, and reporting, as applicable, by the superintendent or the
				  commissioner of the domiciliary state and will not be subject to group
				  supervision at the level of the ultimate parent of the holding company system
				  by the qualified jurisdiction; and
(iv) provides written confirmation by the
				  relevant regulatory authority in such qualified jurisdiction that information
				  regarding insurers and their parent, subsidiary, or affiliated entities, if
				  applicable, shall be provided to the superintendent pursuant to a memorandum of
				  understanding or similar document between the superintendent and such qualified
				  jurisdiction, including the international association of insurance supervisors
				  multilateral memorandum of understanding or other multilateral memorandum of
				  understanding.