# 14 Va. Admin. Code § 5-300-80: 14VAC5-300-80. Credit for reinsurance; reinsurer domiciled and licensed in another state, and neither licensed nor accredited in Virginia

> Virginia · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_80

## Section

- **Citation:** 14 Va. Admin. Code § 5-300-80
- **Heading:** 14VAC5-300-80. Credit for reinsurance; reinsurer domiciled and licensed in another state, and neither licensed nor accredited in Virginia
- **Jurisdiction:** Virginia
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Virginia Administrative Code / Title 14 Insurance / Agency 5 State Corporation Commission, Bureau of Insurance / Chapter 300 / 14VAC5-300-80

## Text

A. Pursuant to the provisions of § 38.2-1316.2 C 3 of the Act, the commission shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that as of any date on which statutory financial statement credit for reinsurance is claimed:
1. Is domiciled in or, in the case of a United States branch of an alien assuming insurer, is entered through a state that employs standards regarding credit for reinsurance substantially similar to those applicable under the Act and this chapter;
2. Maintains a surplus as regards policyholders in an amount not less than $20 million; and
3. Files a properly executed Certificate of Assuming Insurer with the commission as evidence of its submission to this Commonwealth's authority to examine its books and records.
B. The provisions of this section relating to surplus as regards policyholders shall not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system. As used in this section, "substantially similar" standards means credit for reinsurance standards that the commission determines equal or exceed the standards of the Act and this chapter.

## Nearby sections

- [14 Va. Admin. Code § 5-300-10 14VAC5-300-10. Purpose](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_10.md)
- [14 Va. Admin. Code § 5-300-30 14VAC5-300-30. Applicability and scope](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_30.md)
- [14 Va. Admin. Code § 5-300-40 14VAC5-300-40. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_40.md)
- [14 Va. Admin. Code § 5-300-60 14VAC5-300-60. Credit for reinsurance; reinsurer licensed in this Commonwealth](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_60.md)
- [14 Va. Admin. Code § 5-300-70 14VAC5-300-70. Credit for reinsurance; accredited reinsurers](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_70.md)
- [14 Va. Admin. Code § 5-300-80 14VAC5-300-80. Credit for reinsurance; reinsurer domiciled and licensed in another state, and neither licensed nor accredited in Virginia](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_80.md)
- [14 Va. Admin. Code § 5-300-90 14VAC5-300-90. Credit for reinsurance; reinsurers maintaining trust funds](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_90.md)
- [14 Va. Admin. Code § 5-300-95 14VAC5-300-95. Credit for reinsurance; certified reinsurers](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_95.md)
- [14 Va. Admin. Code § 5-300-97 14VAC5-300-97. Credit for reinsurance; reciprocal jurisdictions](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_97.md)
- [14 Va. Admin. Code § 5-300-100 14VAC5-300-100. Credit for reinsurance required by law](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_100.md)
- [14 Va. Admin. Code § 5-300-110 14VAC5-300-110. Asset or reduction from liability for reinsurance ceded to an assuming insurer not meeting the requirements of 14VAC5-300-60 through 14VAC5-300-100](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_110.md)
- [14 Va. Admin. Code § 5-300-120 14VAC5-300-120. Trust agreements qualified under 14VAC5-300-110 and subdivision 2 of § 38.2-1316.4 of the Act](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_120.md)
- [14 Va. Admin. Code § 5-300-130 14VAC5-300-130. Letters of credit qualifying for § 38.2-1316.4 credit under 14VAC5-300-110](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_130.md)
- [14 Va. Admin. Code § 5-300-140 14VAC5-300-140. Other security](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_140.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_14_5_300_80. Check the current official text before relying on it. Not legal advice.