State Codes and Statutes

Statutes > New-york > Isc > Article-13 > 1321

§   1321.   Commutation   of   reinsurance   agreements.  (a)  If  the  superintendent finds that a domestic insurer or a United  States  branch  of  an alien insurer entered through this state is impaired or insolvent  within the meaning of this chapter, the superintendent may  permit  such  insurer  to  utilize commutations of reinsurance agreements to eliminate  the impairment  or  insolvency,  provided  that  such  commutations  are  approved  by  the superintendent in accordance with standards prescribed  by regulation.    (b) For  purposes  of  this  section,  commutation  of  a  reinsurance  agreement  is  the  elimination  of  all  present and future obligations  between the parties, arising from the reinsurance agreement, in exchange  for a current consideration.    (c) Nothing herein contained shall preclude  the  superintendent  from  proceeding  against  such  insurer  under  any  other  provision of this  chapter.

State Codes and Statutes

Statutes > New-york > Isc > Article-13 > 1321

§   1321.   Commutation   of   reinsurance   agreements.  (a)  If  the  superintendent finds that a domestic insurer or a United  States  branch  of  an alien insurer entered through this state is impaired or insolvent  within the meaning of this chapter, the superintendent may  permit  such  insurer  to  utilize commutations of reinsurance agreements to eliminate  the impairment  or  insolvency,  provided  that  such  commutations  are  approved  by  the superintendent in accordance with standards prescribed  by regulation.    (b) For  purposes  of  this  section,  commutation  of  a  reinsurance  agreement  is  the  elimination  of  all  present and future obligations  between the parties, arising from the reinsurance agreement, in exchange  for a current consideration.    (c) Nothing herein contained shall preclude  the  superintendent  from  proceeding  against  such  insurer  under  any  other  provision of this  chapter.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-13 > 1321

§   1321.   Commutation   of   reinsurance   agreements.  (a)  If  the  superintendent finds that a domestic insurer or a United  States  branch  of  an alien insurer entered through this state is impaired or insolvent  within the meaning of this chapter, the superintendent may  permit  such  insurer  to  utilize commutations of reinsurance agreements to eliminate  the impairment  or  insolvency,  provided  that  such  commutations  are  approved  by  the superintendent in accordance with standards prescribed  by regulation.    (b) For  purposes  of  this  section,  commutation  of  a  reinsurance  agreement  is  the  elimination  of  all  present and future obligations  between the parties, arising from the reinsurance agreement, in exchange  for a current consideration.    (c) Nothing herein contained shall preclude  the  superintendent  from  proceeding  against  such  insurer  under  any  other  provision of this  chapter.