{"identifier":"/us/usc/t15/s8223","title":15,"num":"\u00a7\u202f8223.","heading":"Definitions","text":"\u00a7\u202f8223.\nDefinitions\nFor purposes of this subchapter, the following definitions shall apply:\n(1)\nCeding insurer\nThe term \u201cceding insurer\u201d means an insurer that purchases reinsurance.\n(2)\nDomiciliary State\nThe terms \u201cState of domicile\u201d and \u201cdomiciliary State\u201d mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.\n(3)\nNAIC\nThe term \u201cNAIC\u201d means the National Association of Insurance Commissioners or any successor entity.\n(4)\nReinsurance\nThe term \u201creinsurance\u201d means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.\n(5)\nReinsurer\n(A)\nIn general\nThe term \u201creinsurer\u201d means an insurer to the extent that the insurer\u2014\n(i) is principally engaged in the business of reinsurance;\n(ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and\n(iii) is not engaged in an ongoing basis in the business of soliciting direct insurance.\n(B)\nDetermination\nA determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph.\n(6)\nState\nThe term \u201cState\u201d 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.","url":"https://projectusc.org/usc/t15/s8223.html","content":[{"t":"sec","id":"/us/usc/t15/s8223","children":[{"t":"num","text":"\u00a7\u202f8223."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"For purposes of this subchapter, the following definitions shall apply:"},{"t":"para","id":"/us/usc/t15/s8223/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Ceding insurer"},{"t":"content","children":[{"t":"p","text":"The term \u201cceding insurer\u201d means an insurer that purchases reinsurance.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s8223/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Domiciliary State"},{"t":"content","children":[{"t":"p","text":"The terms \u201cState of domicile\u201d and \u201cdomiciliary State\u201d mean, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s8223/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"NAIC"},{"t":"content","children":[{"t":"p","text":"The term \u201cNAIC\u201d means the National Association of Insurance Commissioners or any successor entity.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s8223/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Reinsurance"},{"t":"content","children":[{"t":"p","text":"The term \u201creinsurance\u201d means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s8223/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Reinsurer"},{"t":"subpara","id":"/us/usc/t15/s8223/5/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"The term \u201creinsurer\u201d means an insurer to the extent that the insurer\u2014"},{"t":"clause","id":"/us/usc/t15/s8223/5/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" is principally engaged in the business of reinsurance;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t15/s8223/5/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" does not conduct significant amounts of direct insurance as a percentage of its net premiums; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t15/s8223/5/A/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" is not engaged in an ongoing basis in the business of soliciting direct insurance.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t15/s8223/5/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Determination"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s8223/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"State"},{"t":"content","children":[{"t":"p","text":"The term \u201cState\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"}]}]}