58-14-7. Credit for reinsurance allowed for domestic ceding insurer as asset or reduction. Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets any one of the requirements of § 58-14-8, 58-14-9, 58-14-10, 58-14-11, 58-14-14, or 58-14-16.1. If meeting the requirements of § 58-14-10 or 58-14-11, the requirements of § 58-14-15 shall also be met. Credit shall be allowed under § 58-14-8, 58-14-9, or 58-14-10 only as respects cessions of those kinds or classes of business which the assuming insurer is licensed or permitted to write or assume in its state of domicile or, in the case of a United States branch of an alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance.
Source: SL 1992, ch 344, § 1; SL 2017, ch 211, § 1.
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