                                 CODE OF VIRGINIA

CREDIT ALLOWED A DOMESTIC CEDING INSURER (§ 38.2-1316.2)

A. 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 the requirements of subsection C, D, or E or &#xA7;
38.2-1316.4, provided that the Commission may adopt by regulation pursuant to
subsection B of &#xA7; 38.2-1316.7 specific additional requirements relating to
or setting forth any one or more of the following: (i) the valuation of assets
or reserve credits, (ii) the amount and forms of security supporting reinsurance
arrangements described in subsection B of &#xA7; 38.2-1316.7, and (iii) the
circumstances pursuant to which credit will be reduced or eliminated.

B. Credit shall be allowed under subdivisions C 1, 2, and 3 only as respects
cessions of those kinds or classes of business that the assuming insurer is
licensed or otherwise permitted to write or assume in its state of domicile or,
in the case of a U.S. branch of an alien assuming insurer, in the state through
which it is entered and licensed to transact insurance or reinsurance. Credit
shall be allowed under subdivision C 3 or 4 only if the applicable requirements
of subsection B of 14VAC5-300-150 of the Virginia Administrative Code have been
satisfied.

C. Credit shall be allowed a domestic ceding insurer for reinsurance ceded only
when the assuming insurer meets one of the following criteria:

   1. Credit shall be allowed when the assuming insurer is licensed to transact
   insurance in the Commonwealth.

   2. Credit shall be allowed when the assuming insurer is accredited as a
   reinsurer in the Commonwealth. An accredited reinsurer is one which:
   				a. Files with the Commission evidence of its submission to the
   Commission&#8217;s jurisdiction;
   				b. Submits to the Commission&#8217;s authority to examine its books and
   records;
   				c. Is licensed to transact insurance 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;
   				d. Files annually with the Commission a copy of its annual statement filed
   with the insurance department of its state of domicile or entry and a copy of
   its most recent audited financial statement; and
   				e. Demonstrates to the satisfaction of the Commission that it has adequate
   financial capacity to meet its reinsurance obligations and is otherwise
   qualified to assume reinsurance from domestic insurers. An assuming insurer is
   deemed to meet this requirement as of the time of its application if it
   maintains a surplus as regards policyholders in an amount not less than $20
   million and its accreditation has not been denied by the Commission within 90
   days of its initial submission.

   3. Credit shall be allowed when the assuming insurer is domiciled and licensed
   in or, in the case of a United States branch of an alien insurer, is entered
   through, a state which employs standards regarding credit for reinsurance
   substantially similar to those applicable under this statute and the assuming
   insurer or United States branch of an alien assuming insurer:
   				a. Submits to the authority of the Commission to examine its books and
   records; and
   				b. Maintains a surplus as regards policyholders in an amount not less than
   $20 million. However, unless specifically required by the Commission, this
   surplus requirement shall be deemed waived when reinsurance is ceded and
   assumed pursuant to pooling arrangements among insurers in the same holding
   company system.

   4. Credit shall be allowed when the assuming insurer maintains a trust fund in
   a qualified United States financial institution for the payment of the valid
   claims of its United States policyholders and ceding insurers, their assigns
   and successors in interest. The assuming insurer shall report annually to the
   Commission information substantially the same as that required to be reported
   on the NAIC Annual Statement form by licensed insurers to enable the
   Commission to determine the sufficiency of the trust fund.
   				a. In the case of a single assuming insurer, the trust shall consist of a
   trusteed account representing the assuming insurer&#8217;s liabilities
   attributable to business written in the United States, and in addition, the
   assuming insurer shall maintain a trusteed surplus amount not less than $20
   million, except as provided in subdivision 4 b.
   				b. At any time after the assuming insurer has permanently discontinued
   underwriting new business secured by the trust for at least three full years,
   the commissioner with principal regulatory oversight of the trust may
   authorize a reduction in the required trusteed surplus, but only after a
   finding, based on an assessment of the risk, that the new required surplus
   level is adequate for the protection of United States ceding insurers,
   policyholders, and claimants in light of reasonably foreseeable adverse loss
   development. The risk assessment may involve an actuarial review, including an
   independent analysis of reserves and cash flows, and shall consider all
   material risk factors, including when applicable the lines of business
   involved, the stability of the incurred loss estimates and the effect of the
   surplus requirements on the assuming insurer&#8217;s liquidity or solvency.
   The minimum required trusteed surplus may not be reduced to an amount less
   than 30 percent of the assuming insurer&#8217;s liabilities attributable to
   reinsurance ceded by United States ceding insurers covered by the trust.
   				c. In the case of an association, including incorporated and individual
   unincorporated underwriters, the trust shall consist of a trusteed account
   representing the association&#8217;s liabilities attributable to business
   written in the United States and in addition, the association shall maintain a
   trusteed surplus of which $100 million shall be held jointly for the benefit
   of United States ceding insurers of any member of the association, the
   incorporated members of which shall not be engaged in any business other than
   underwriting as a member of the association and shall be subject to the same
   level of solvency regulation and control by the association&#8217;s
   domiciliary regulator as are the unincorporated members; and the association
   shall make available to the Commission an annual certification of the solvency
   of each underwriter by the association&#8217;s domiciliary regulator and its
   independent public accountants.
   				d. In the case of an association of incorporated underwriters under common
   administration that complies with the filing requirements contained in
   subdivision 4 c, and that has continuously transacted an insurance business
   outside the United States for at least three years, and submits to the
   Commission&#8217;s authority to examine its books and records and bears the
   expense of the examination, and which has aggregate policyholders&#8217;
   surplus of $10 billion; the trust shall be in an amount equal to the
   association&#8217;s several liabilities attributable to business ceded by
   United States ceding insurers to any member of the association pursuant to
   reinsurance contracts issued in the name of such association. In addition, the
   association shall maintain a joint trusteed surplus of which $100 million
   shall be held jointly for the benefit of United States ceding insurers of any
   member of the association as additional security for any such liabilities, and
   each member of the association shall make available to the Commission an
   annual certification of the member&#8217;s solvency by the member&#8217;s
   domiciliary regulator and its independent public accountant.

D. Credit shall be allowed when the reinsurance is ceded to an assuming insurer
that has been certified by the Commission as a reinsurer in the Commonwealth and
secures its obligations in accordance with the following:

   1. In order to be eligible for certification, the assuming insurer shall:
   				a. Be domiciled and licensed to transact insurance or reinsurance in a
   qualified jurisdiction, as determined by the Commission pursuant to
   subdivision 3;
   				b. Maintain minimum capital and surplus, or its equivalent, in an amount
   to be determined by the Commission pursuant to regulation;
   				c. Maintain financial strength ratings from two or more rating agencies
   deemed acceptable by the Commission pursuant to regulation;
   				d. Agree to submit to the jurisdiction of the Commonwealth, appoint the
   Commission as its agent for service of process in the Commonwealth, and agree
   to provide security for 100 percent of the assuming insurer&#8217;s
   liabilities attributable to reinsurance ceded by United States ceding insurers
   if it resists enforcement of a final United States judgment;
   				e. Agree to meet applicable information filing requirements as determined
   by the Commission, both with respect to an initial application for
   certification and on an ongoing basis; and
   				f. Satisfy other requirements for certification deemed relevant by the
   Commission.

   2. In order to be eligible for certification as a certified reinsurer, an
   association including incorporated and individual unincorporated underwriters,
   in addition to satisfying requirements of subdivision 1, shall satisfy the
   following requirements:
   				a. The association shall satisfy its minimum capital and surplus
   requirements through the capital and surplus equivalents, net of liabilities,
   of the association and its members, which shall include a joint central fund
   that may be applied to any unsatisfied obligation of the association or any of
   its members, in an amount determined by the Commission to provide adequate
   protection;
   				b. The incorporated members of the association shall not be engaged in any
   business other than underwriting as a member of the association and shall be
   subject to the same level of regulation and solvency control by the
   association&#8217;s domiciliary regulator as are the unincorporated members;
   and
   				c. Within 90 days after its financial statements are due to be filed with
   the association&#8217;s domiciliary regulator, the association shall provide
   to the Commission an annual certification by the association&#8217;s
   domiciliary regulator of the solvency of each underwriter member; or if a
   certification is unavailable, financial statements prepared by independent
   public accountants, of each underwriter member of the association.

   3. The Commission shall create and publish a list of qualified jurisdictions,
   under which an assuming insurer licensed and domiciled in such jurisdiction is
   eligible to be considered for certification by the Commission as a certified
   reinsurer. With regard to determinations of qualified jurisdictions:
   				a. In order to determine whether the domiciliary jurisdiction of a
   non-United States assuming insurer is eligible to be recognized as a qualified
   jurisdiction, the Commission shall evaluate the appropriateness and
   effectiveness of the reinsurance supervisory system of the jurisdiction, both
   initially and on an ongoing basis, and consider the rights, benefits, and the
   extent of reciprocal recognition afforded by the non-United States
   jurisdiction to reinsurers licensed and domiciled in the United States. A
   qualified jurisdiction must agree to share information and cooperate with the
   Commission with respect to all certified reinsurers domiciled within that
   jurisdiction. A jurisdiction may not be recognized as a qualified jurisdiction
   if the Commission has determined that the jurisdiction does not adequately and
   promptly enforce final United States judgments and arbitration awards.
   Additional factors may be considered in the discretion of the Commission;
   				b. A list of qualified jurisdictions shall be published through the NAIC
   Committee Process. The Commission shall consider this list in determining
   qualified jurisdictions. If the Commission approves a jurisdiction as
   qualified that does not appear on the list of qualified jurisdictions, the
   Commission shall provide thoroughly documented justification in accordance
   with criteria to be developed under regulations;
   				c. United States jurisdictions that meet the requirement for accreditation
   under the NAIC financial standards and accreditation program shall be
   recognized as qualified jurisdictions; and
   				d. If a certified reinsurer&#8217;s domiciliary jurisdiction ceases to be
   a qualified jurisdiction, the Commission has the discretion to suspend the
   reinsurer&#8217;s certification indefinitely, in lieu of revocation.

   4. The Commission shall assign a rating to each certified reinsurer, giving
   due consideration to the financial strength ratings that have been assigned by
   rating agencies deemed acceptable to the Commission pursuant to regulation.
   The Commission shall publish a list of all certified reinsurers and their
   ratings.

   5. A certified reinsurer shall secure obligations assumed from United States
   ceding insurers under this subsection at a level consistent with its rating,
   as specified in regulations promulgated by the Commission. With regard to
   securing obligations:
   				a. In order for a domestic ceding insurer to qualify for full financial
   statement credit for reinsurance ceded to a certified reinsurer, the certified
   reinsurer shall maintain security in a form acceptable to the Commission and
   consistent with the provisions of &#xA7; 38.2-1316.4, or in a multibeneficiary
   trust in accordance with subdivision C 4, except as otherwise provided in this
   subsection;
   				b. If a certified reinsurer maintains a trust to fully secure its
   obligations subject to subdivision C 4, and chooses to secure its obligations
   incurred as a certified reinsurer in the form of a multibeneficiary trust, the
   certified reinsurer shall maintain separate trust accounts for its obligations
   incurred under reinsurance agreements issued or renewed as a certified
   reinsurer with reduced security as permitted by this subsection or comparable
   laws of other United States jurisdictions and for its obligations subject to
   subdivision C 4. It shall be a condition to the grant of certification under
   this section that the certified reinsurer shall have bound itself, by the
   language of the trust and agreement with the Commissioner with principal
   regulatory oversight of each such trust account, to fund, upon termination of
   any such trust account, out of the remaining surplus of such trust any
   deficiency of any other such trust account;
   				c. The minimum trusteed surplus requirements provided in subdivision C 4
   are not applicable with respect to a multibeneficiary trust maintained by a
   certified reinsurer for the purpose of securing obligations incurred under
   this subsection, except that such trust shall maintain a minimum trusteed
   surplus of $10 million;
   				d. With respect to obligations incurred by a certified reinsurer under
   this subsection, if the security is insufficient, the Commission shall reduce
   the allowable credit by an amount proportionate to the deficiency and has the
   discretion to impose further reductions in allowable credit upon finding that
   there is a material risk that the certified reinsurer&#8217;s obligations will
   not be paid in full when due; and
   				e. For purposes of this subsection, a certified reinsurer whose
   certification has been terminated for any reason shall be treated as a
   certified reinsurer required to secure 100 percent of its obligations. As used
   in this subsection, the term &#8220;terminated&#8221; means revocation,
   suspension, voluntary surrender, and inactive status. If the Commission
   continues to assign a higher rating as permitted by other provisions of this
   section, this requirement does not apply to a certified reinsurer in inactive
   status or to a reinsurer whose certification has been suspended.

   6. If an applicant for certification has been certified as a reinsurer in an
   NAIC accredited jurisdiction, the Commission has the discretion to defer to
   that jurisdiction&#8217;s certification and has the discretion to defer to the
   rating assigned by that jurisdiction, and such assuming insurer shall be
   considered to be a certified reinsurer in the Commonwealth.

   7. A certified reinsurer that ceases to assume new business in the
   Commonwealth may request to maintain its certification in inactive status in
   order to continue to qualify for a reduction in security for its in-force
   business. An inactive certified reinsurer shall continue to comply with all
   applicable requirements of this subsection, and the Commission shall assign a
   rating that takes into account, if relevant, the reasons why the reinsurer is
   not assuming new business.

E. Credit shall be allowed when the reinsurance is ceded to an assuming insurer
in accordance with the following:

   1. The assuming insurer shall:
   				a. Be domiciled in, or its head office shall be located in, as applicable,
   a reciprocal jurisdiction identified by the Commission pursuant to this
   subsection and shall be licensed in such reciprocal jurisdiction;
   				b. Maintain minimum capital and surplus, or its equivalent, calculated
   according to the methodology of its domiciliary jurisdiction, in an amount to
   be determined by the Commission in regulation. If the assuming insurer is an
   association, including incorporated and individual unincorporated
   underwriters, it shall maintain minimum capital and surplus equivalents, net
   of liabilities, calculated according to the methodology applicable in its
   domiciliary jurisdiction, and a central fund containing a balance in amounts
   to be determined by the Commission in regulation;
   				c. Maintain a minimum solvency or capital ratio, as applicable, which will
   be determined by the Commission in regulation. If the assuming insurer is an
   association, including incorporated and individual unincorporated
   underwriters, it shall maintain a minimum solvency or capital ratio in the
   reciprocal jurisdiction where the assuming insurer is domiciled or its head
   office is located, as applicable, and is licensed;
   				d. Agree and provide adequate assurance to the Commission, in a form
   specified by the Commission pursuant to regulation, as follows:

      1. Provide prompt written notice and explanation to the Commission if it
      falls below the minimum requirements set forth in subdivision b or c, or if
      any regulatory action is taken against it for serious noncompliance with
      applicable law;

      2. Consent in writing to the jurisdiction of the courts of the Commonwealth
      and to the appointment of the Commission as an agent for service of process.
      The Commission may require that consent for service of process be provided
      to the Commission and included in each reinsurance agreement. Nothing in
      this subdivision shall limit, or in any way alter, the capacity of parties
      to a reinsurance agreement to agree to alternative dispute resolution
      mechanisms, except to the extent such agreements are unenforceable under
      applicable insolvency or delinquency laws;

      3. Consent in writing to pay all final judgments, wherever enforcement is
      sought, obtained by a ceding insurer or its legal successor, that have been
      declared enforceable in the jurisdiction where the judgment was obtained;

      4. Include, in each reinsurance agreement, a provision requiring the
      assuming insurer to provide security in an amount equal to 100 percent of
      the assuming insurer&#8217;s liabilities attributable to reinsurance ceded
      pursuant to that agreement if the assuming insurer resists enforcement of a
      final judgment that is enforceable under the law of the jurisdiction in
      which it was obtained or a properly enforceable arbitration award, whether
      obtained by the ceding insurer or by its legal successor on behalf of its
      resolution estate; and

      5. Confirm that it is not presently participating in any solvent scheme of
      arrangement that involves the Commonwealth&#8217;s ceding insurers, and
      agree to notify the ceding insurer and the Commission and to provide
      security in an amount equal to 100 percent of the assuming insurer&#8217;s
      liabilities to the ceding insurer, should the assuming insurer enter into
      such a solvent scheme of arrangement. Such security shall be in a form
      consistent with the provisions of subsection D of this section and
      subdivision 2 of &#xA7; 38.2-1316.4 and as determined by the Commission in
      regulation;
      					e. Provide, or its legal successor shall provide, if requested by the
      Commission, on behalf of itself and any legal predecessors, certain
      documentation to the Commission, as specified by the Commission in
      regulation; and
      					f. Maintain a practice of prompt payment of claims under reinsurance
      agreements, pursuant to criteria set forth by regulation.
      					Nothing in this subdivision 1 precludes an assuming insurer from
      providing the Commission with information on a voluntary basis.

   2. The assuming insurer&#8217;s supervisory authority shall confirm to the
   Commission on an annual basis as of the preceding December 31, or at the
   annual date otherwise statutorily reported to the reciprocal jurisdiction,
   that the assuming insurer complies with the requirements set forth in
   subdivisions 1 b and c.

   3. The Commission shall create and publish a list of reciprocal jurisdictions.
   With regard to determinations of reciprocal jurisdictions, the Commission:
   				a. Shall include (i) any non-United States jurisdiction that is subject to
   an in-force covered agreement with the United States, each within its legal
   authority, or, in the case of a covered agreement between the United States
   and the European Union, is a member state of the European Union; (ii) any
   United States jurisdiction that meets the requirements for accreditation under
   the NAIC financial standards and accreditation program; or (iii) any qualified
   jurisdiction, as determined by the Commission pursuant to subdivision D 3 of
   &#xA7; 38.2-1316.2, that is not otherwise described in clause (i) or (ii) and
   that meets certain additional requirements, consistent with the terms and
   conditions of in-force covered agreements, as specified by the Commission in
   regulation;
   				b. Shall consider including any other reciprocal jurisdiction included on
   the NAIC list published through the NAIC Committee Process. The Commission may
   approve a jurisdiction that does not appear on the NAIC list of reciprocal
   jurisdictions in accordance with criteria to be developed under regulations
   issued by the Commission; and
   				c. May remove a jurisdiction from the list of reciprocal jurisdictions
   upon a determination that the jurisdiction no longer meets the requirements of
   a reciprocal jurisdiction, in accordance with a process set forth in
   regulations issued by the Commission, except that the Commission shall not
   remove from the list a reciprocal jurisdiction described in clause (i) or (ii)
   of subdivision a. Upon removal of a reciprocal jurisdiction from this list,
   credit for reinsurance ceded to an assuming insurer that is domiciled or has
   its home office in that jurisdiction shall be allowed, if otherwise allowed
   pursuant to this section.

   4. The Commission shall create and publish a list of assuming insurers that
   have satisfied the conditions set forth in this subsection and to which
   cessions shall be granted credit in accordance with this subsection. The
   Commission may add an assuming insurer to such list if an NAIC-accredited
   jurisdiction has added such assuming insurer to a list of such assuming
   insurers or if, upon initial eligibility, the assuming insurer submits the
   information to the Commission as required under subdivision 1 d and complies
   with any additional requirements that the Commission may impose by regulation,
   except to the extent that they conflict with an applicable covered agreement.

   5. If the Commission determines that an assuming insurer no longer meets one
   or more of the requirements under this subsection, the Commission may revoke
   or suspend the eligibility of the assuming insurer for recognition under this
   subsection in accordance with procedures set forth in regulation.
   				a. While an assuming insurer&#8217;s eligibility is suspended, no
   reinsurance agreement issued, amended, or renewed after the effective date of
   the suspension qualifies for credit except to the extent that the assuming
   insurer&#8217;s obligations under the contract are secured in accordance with
   subdivision 2 of &#xA7; 38.2-1316.4.
   				b. If an assuming insurer&#8217;s eligibility is revoked, no credit for
   reinsurance may be granted after the effective date of the revocation with
   respect to any reinsurance agreements entered into by the assuming insurer,
   including reinsurance agreements entered into prior to the date of revocation,
   except to the extent that the assuming insurer&#8217;s obligations under the
   contract are secured in a form acceptable to the Commission and consistent
   with the provisions of subdivision 2 of &#xA7; 38.2-1316.4.

   6. If subject to a legal process of rehabilitation, liquidation, or
   conservation, as applicable, the ceding insurer, or its representative, may
   seek and, if determined appropriate by the court in which the proceedings are
   pending, may obtain an order requiring that the assuming insurer post security
   for all outstanding ceded liabilities.

   7. Nothing in this subsection shall limit or in any way alter the capacity of
   parties to a reinsurance agreement to agree on requirements for security or
   other terms in that reinsurance agreement, except as expressly prohibited by
   this article or other applicable law or regulation.

   8. Credit may be taken under this subsection only for reinsurance agreements
   entered into, amended, or renewed on or after July 1, 2020, and only with
   respect to losses incurred and reserves reported on or after the later of (i)
   the date on which the assuming insurer has met all eligibility requirements
   pursuant to subdivision 1 and (ii) the effective date of the new reinsurance
   agreement, amendment, or renewal. This subdivision does not alter or impair a
   ceding insurer&#8217;s right to take credit for reinsurance, to the extent
   that credit is not available under this subsection, as long as the reinsurance
   qualifies for credit under any other applicable provision of this article.

   9. Nothing in this subsection shall authorize an assuming insurer to withdraw
   or reduce the security provided under any reinsurance agreement except as
   permitted by the terms of the agreement.

   10. Nothing in this subsection shall limit, or in any way alter, the capacity
   of parties to any reinsurance agreement to renegotiate the agreement.

F. If an accredited or certified reinsurer ceases to meet the requirements for
accreditation or certification, the Commission may suspend or revoke the
reinsurer&#8217;s accreditation or certification in accordance with the
following:

   1. The Commission shall give the reinsurer notice and opportunity for hearing.
   The suspension or revocation may not take effect until after the
   Commission&#8217;s order on hearing, unless:
   				a. The reinsurer waives its right to hearing;
   				b. The Commission&#8217;s order is based on regulatory action by the
   reinsurer&#8217;s domiciliary jurisdiction or the voluntary surrender or
   termination of the reinsurer&#8217;s eligibility to transact insurance or
   reinsurance business in its domiciliary jurisdiction or in the primary
   certifying state of the reinsurer under subdivision D 6; or
   				c. The Commission finds that an emergency requires immediate action and a
   court of competent jurisdiction has not stayed the Commission&#8217;s action.

   2. While a reinsurer&#8217;s accreditation or certification is suspended, no
   reinsurance contract issued or renewed after the effective date of the
   suspension qualifies for credit except to the extent that the
   reinsurer&#8217;s obligations under the contract are secured in accordance
   with &#xA7; 38.2-1316.4. If a reinsurer&#8217;s accreditation or certification
   is revoked, no credit for reinsurance may be granted after the effective date
   of the revocation except to the extent that the reinsurer&#8217;s obligations
   under the contract are secured in accordance with subdivision D 5 or &#xA7;
   38.2-1316.4.

G. A ceding insurer shall take steps to manage its concentration risk and
diversify its reinsurance program in the following manner:

   1. A ceding insurer shall take steps to manage its reinsurance recoverables
   proportionate to its own book of business. A domestic ceding insurer shall
   notify the Commission within 30 days after reinsurance recoverables from any
   single assuming insurer, or group of affiliated assuming insurers, exceeds 50
   percent of the domestic ceding insurer&#8217;s last reported surplus to
   policyholders, or after it is determined that reinsurance recoverables from
   any single assuming insurer, or group of affiliated assuming insurers, is
   likely to exceed this limit. The notification shall demonstrate that the
   exposure is safely managed by the domestic ceding insurer.

   2. A ceding insurer shall take steps to diversify its reinsurance program. A
   domestic ceding insurer shall notify the Commission within 30 days after
   ceding to any single assuming insurer, or group of affiliated assuming
   insurers, more than 20 percent of the ceding insurer&#8217;s gross written
   premium in the prior calendar year, or after it has determined that the
   reinsurance ceded to any single assuming insurer, or group of affiliated
   assuming insurers, is likely to exceed this limit. The notification shall
   demonstrate that the exposure is safely managed by the domestic ceding
   insurer.

H. The trusts described in subdivision C 4 shall be established in a form
acceptable to the Commission.

   1. The trust instrument shall provide that contested claims shall be valid and
   enforceable upon the final order of any court of competent jurisdiction in the
   United States.

   2. The trust shall vest legal title to its assets in the trustees of the trust
   for its United States policyholders and ceding insurers, their assigns and
   successors in interest.

   3. The trust and the assuming insurer shall be subject to examination as
   determined by the Commission.

   4. The trust described herein must remain in effect for as long as the
   assuming insurer shall have outstanding obligations due under the reinsurance
   agreements subject to the trust.

   5. No later than February 28 of each year the trustees of the trust shall
   report to the Commission in writing setting forth the balance of the trust and
   listing the trust&#8217;s investments at the preceding year end and shall
   certify the date of termination of the trust, if so planned, or certify that
   the trust shall not expire prior to the next following December 31.

HISTORY: 1991, c. 264; 1994, c. 647; 2012, c. 539; 2017, c. 477; 2020, c. 208.