Authorized Reinsurer Law and Legal Definition
In the United States, this is a corporation that is licensed to accept reinsurance in a state or territory. They are often also called an Admitted Reinsurer.
For instance, in the state of Missouri, to be approved as an authorized reinsurer, the company must become an accredited reinsurer or a qualified reinsurer. To be an Accredited Reinsurer, the company must meet one of the following:
1) Maintains a surplus as regards policyholders in an amount which is not less than twenty million dollars and whose accreditation has not been denied by the Director within ninety days of its submission; or
2) Maintains a surplus as regards policyholders in an amount less than twenty million dollars and whose accreditation has been approved by the Director;
3) Provided, however, that the requirements in subparagraphs 1 and 2 of this paragraph do not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system.
4) Is licensed to transact business or reinsurance in at least one state, or in the case of a United States branch of an alien assuming insurer, is entered through and licensed to transact insurance or reinsurance in at least one state.
Legal Definition list
- Authorized Public Chartering Agency [Education]
- Authorized Possession of Controlled Substances
- Authorized organization (Gaming Law)
- Authorized Officer
- Authorized Nuclear User
- Authorized Reinsurer
- Authorized Representative [Hearing]
- Authorized Representative [Wildlife and Fisheries]
- Authorized Strength
- Authorized User
- Authorizing Committees
