The affected net premium total also includes premiums written for assumption reinsurance
-- but not premiums written for indemnity reinsurance.
However, the net premiums written do include premiums written for assumption reinsurance
and are reduced by assumption reinsurance
premiums ceded (Regs.
The rating withdrawal reflects the termination of the quota share insurance treaties and an assumption reinsurance
agreement with the insurer's parent ARI Mutual Insurance Company that was recently approved by the The New Jersey Department of Banking and Insurance.
An inquirer presented questions about surety insurance that had been transferred to a reinsurer under an assumption reinsurance
agreement, where the ceding insurer and reinsurer were both foreign insurers.
So, since RBC is net of reinsurance, an assumption reinsurance
transaction would not be needed.
insurers form a foreign captive to reinsure risks, the premiums will constitute RPII whether the arrangement is a conventional contract or an assumption reinsurance
contract pursuant to which the ceding company will no longer retain any rights or obligations.
entered into an assumption reinsurance
agreement and ICO was to be dissolved.