14VAC5-300-60. Credit for reinsurance; reinsurer licensed in this Commonwealth
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Virginia Administrative Code › Title 14 Insurance › Agency 5 State Corporation Commission, Bureau of Insurance › Chapter 300 › 14VAC5-300-60
Text
Pursuant to § 38.2-1316.2 C 1 of the Act, the commission shall allow credit when reinsurance is ceded to an assuming insurer which is licensed to transact insurance in this Commonwealth. For purposes of this section, an insurer shall not be considered so "licensed" unless it is fully authorized to actively solicit and conduct its business in this Commonwealth and in its domiciliary state.
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