(a) The following terms have the following meaning:(a) An “Assuming insurer” means the company that assumes the risks from the insurance policy portfolio passed from a ceding insurer.(b) A “Ceding insurer” means an insurance company that passes a part or all of its risks from its insurance policy portfolio to a reinsurance firm known as the assuming insurer.(c) “Commissioner” means the Commissioner of Insurance of the Virgin Islands.(d) “Reinsurance” means the insurance of an insurance company. In a reinsurance transaction, the ceding insurer pays the premium to the re-insurer (“assuming insurer”) for the shared risk, and the assuming insurer guarantees the amount payable by the assuming insurer if a specified event happens.(e) “Substantially similar” means standards that equal or exceed the standards set in this chapter, as determined by the Commissioner.
(a) An “Assuming insurer” means the company that assumes the risks from the insurance policy portfolio passed from a ceding insurer.
(b) A “Ceding insurer” means an insurance company that passes a part or all of its risks from its insurance policy portfolio to a reinsurance firm known as the assuming insurer.
(c) “Commissioner” means the Commissioner of Insurance of the Virgin Islands.
(d) “Reinsurance” means the insurance of an insurance company. In a reinsurance transaction, the ceding insurer pays the premium to the re-insurer (“assuming insurer”) for the shared risk, and the assuming insurer guarantees the amount payable by the assuming insurer if a specified event happens.
(e) “Substantially similar” means standards that equal or exceed the standards set in this chapter, as determined by the Commissioner.