Section 26-A2303. WRITTEN AGREEMENTS

 

2303.1No reinsurance agreement or amendment to any agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the Insurance Administration, unless the agreement, amendment or a binding letter of intent has been duly executed by both parties no later than the "as of date" of the financial statement.

 

2303.2In the case of a letter of intent, a reinsurance agreement or an amendment to a reinsurance agreement must be executed within a reasonable period of time, not exceeding ninety (90) days from the execution date of the letter of intent, in order for credit to be granted for the reinsurance ceded.

 

2303.3The reinsurance agreement shall contain provisions which provide that:

 

(a)The agreement shall constitute the entire agreement between the parties with respect to the business being reinsured thereunder and that there are no understandings between the parties other than as expressed in the agreement; and

 

(b)Any change or modification to the agreement shall be null and void unless made by amendment to the agreement and signed by both parties.

 

source

Final Rulemaking published at 41 DCR 2214(April 22, 1994).