Vermont Amends Law Governing Credit For Reinsurance

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Vermont has amended its law governing how ceding insurers take credit for reinsurance within the state. The law, in part, implements new eligibility requirements for assuming insurers to be accredited reinsurers and requires ceding insurers to take certain steps to manage their concentration of risk. It also imposes certain requirements upon the insolvency of a non-U.S. insurer or reinsurer that provides security to fund its U.S. obligations. The Governor signed the act into law on May 9, 2014, and the amendments were effective upon passage. 8 V.S.A. Sec. 3634a.

 

Topics:  Accreditation, Reinsurance, Risk Management

Published In: Bankruptcy Updates, General Business Updates, Insurance Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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