Title 15 — Commerce and TradeRelease 119-73

§8223 Definitions

Title 15 › Chapter CHAPTER 108— - STATE-BASED INSURANCE REFORM › Subchapter SUBCHAPTER II— - REINSURANCE › § 8223

Last updated Apr 6, 2026|Official source

Summary

Defines the main words used in this part of the law. "Ceding insurer" means an insurer that buys reinsurance. "State of domicile" or "domiciliary State" means the State where an insurer or reinsurer is formed and licensed. "NAIC" means the National Association of Insurance Commissioners or any successor. "Reinsurance" means one insurer takes on all or part of a risk another insurer first agreed to cover. "Reinsurer" means an insurer that mainly does reinsurance, does little direct insurance compared to its net premiums, and does not regularly seek direct insurance; whether a company is a reinsurer is decided under the laws of its State of domicile. "State" includes each State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.

Full Legal Text

Title 15, §8223

Commerce and Trade — Source: USLM XML via OLRC

For purposes of this subchapter, the following definitions shall apply:

(1)The term “ceding insurer” means an insurer that purchases reinsurance.

(2)The terms “State of domicile” and “domiciliary State” mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.

(3)The term “NAIC” means the National Association of Insurance Commissioners or any successor entity.

(4)The term “reinsurance” means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.

(5)(A)The term “reinsurer” means an insurer to the extent that the insurer—

(i)is principally engaged in the business of reinsurance;

(ii)does not conduct significant amounts of direct insurance as a percentage of its net premiums; and

(iii)is not engaged in an ongoing basis in the business of soliciting direct insurance.

(B)A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph.

(6)The term “State” includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.

Reference

Citations & Metadata

Citation

15 U.S.C. § 8223

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73