                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-1316.1)

As used in this article unless the context requires another meaning:
		&#8220;Accredited reinsurer&#8221; means an assuming insurer accredited
pursuant to the provisions of subdivision C 2 of § 38.2-1316.2.
		&#8220;Certified reinsurer&#8221; means an insurer certified by the Commission
pursuant to subsection D of § 38.2-1316.2.
		&#8220;Covered agreement&#8221; means an agreement entered into pursuant to
the Dodd-Frank Wall Street Reform and Consumer Protection Act, 31 U.S.C. §§
313 and 314, that is currently in effect or in a period of provisional
application and addresses the elimination, under specified conditions, of
collateral requirements as a condition for entering into any reinsurance
agreement with a ceding insurer domiciled in the Commonwealth or for allowing
the ceding insurer to recognize credit for reinsurance.
		&#8220;Credit&#8221; includes any credit for reinsurance (i) allowed as an
admitted asset or as a deduction from liability and (ii) used to compute the
valuation reserves required by § 38.2-1311, unearned premium reserves required
by § 38.2-1312 or 38.2-4610.1, or loss or claim reserves required by §
38.2-1314 or 38.2-4609.
		&#8220;NAIC&#8221; means the National Association of Insurance Commissioners.
		&#8220;Qualified United States financial institution,&#8221; as used in
subdivision 2 c of § 38.2-1316.4, means an institution that:

1. Is organized or, in the case of a United States office of a foreign banking
organization, is licensed, under the laws of the United States or any state
thereof;

2. Is regulated, supervised, and examined by the United States federal or state
authorities having regulatory authority over banks and trust companies; and

3. Has been determined by either the Commission or the Securities Valuation
Office of the NAIC to meet such standards of financial condition and standing as
are considered necessary and appropriate to regulate the quality of financial
institutions whose letters of credit will be acceptable to the Commission.
			&#8220;Qualified United States financial institution&#8221; means, for
purposes of those provisions of this article specifying those institutions that
are eligible to act as a fiduciary of a trust, an institution that:

1. Is organized or, in the case of a United States branch or agency office of a
foreign banking organization, is licensed, under the laws of the United States
or any state thereof and has been granted authority to operate with fiduciary
powers; and

2. Is regulated, supervised and examined by federal or state authorities having
regulatory authority over banks and trust companies.
			&#8220;Reciprocal jurisdiction&#8221; means (i) a 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) a United States jurisdiction that meets the requirements
for accreditation under the NAIC financial standards and accreditation program;
or (iii) a 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.

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