31.05.08.12

.12 Credit for Reinsurance Required by Law.

A. In this regulation, "jurisdiction" means a state, district, or territory of the United States and any lawful national government.

B. The Commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Regulations .03—.05, .08—.11, .14, and .24—.27 of this chapter, but only as to the insurance of risks located in jurisdictions where the reinsurance is required by the applicable law or regulation of that jurisdiction.