Bill > S626

This bill updates the reinsurance model law in Massachusetts. The key provisions include: 1. Allowing credit for reinsurance when the reinsurer meets certain requirements, such as being domiciled in a "Reciprocal Jurisdiction" (a non-U.S. jurisdiction subject to a covered agreement with the U.S. or a U.S. jurisdiction accredited by the NAIC), maintaining minimum capital and surplus, and agreeing to certain conditions like consenting to the jurisdiction of Massachusetts courts. 2. Requiring the Commissioner to create and publish lists of Reciprocal Jurisdictions and eligible assuming insurers, and allowing the Commissioner to revoke or suspend an assuming insurer's eligibility if it no longer meets the requirements. 3. Providing that credit can only be taken for reinsurance agreements entered into, amended, or renewed after the effective date of the statute, and only for losses and reserves reported after the assuming insurer has met the eligibility requirements. 4. Allowing credit when the reinsurance is ceded to an assuming insurer not meeting the other requirements, but only for insurance of risks located in jurisdictions where such reinsurance is required by applicable law. 5. Modifying the conditions for an assuming insurer to be eligible for the credit permitted under the trust agreements provision.

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https://malegislature.gov/Bills/192/S626