Us Code § 8223 - Definitions
Full text of Us Code United States Code § 8223 — Definitions, with citation guidance and answers to common questions.
§ 8223. Definitions
For purposes of this subchapter, the following definitions shall apply:
(1) Ceding insurer
The term "ceding insurer" means an insurer that purchases reinsurance.
(2) Domiciliary State
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) NAIC
The term "NAIC" means the National Association of Insurance Commissioners or any successor entity.
(4) Reinsurance
The term "reinsurance" means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.
(5) Reinsurer
(A) In general
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) Determination
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) State
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.
(Pub. L. 111–203, title V, §533, July 21, 2010, 124 Stat. 1595.)
SUBCHAPTER III—RULE OF CONSTRUCTION
About This Section
15 U.S.C. § 8223 is part of Title 15 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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