N.Y. Comp. Codes R. & Regs. tit. 11 § 112.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 112.3 - Definitions

(a) Loss portfolio transfer means an agreement:

(1) by which a transferer increases its surplus to policyholders as a result of payment of consideration to a transferee for undertaking any loss obligation already incurred in excess of the consideration paid; or

(2) where the consideration paid by the transferer, in connection with transferring any loss obligation already incurred, is derived from present value or discounting concepts based upon anticipated investment income.

(b) Transferer means an insurer that pays a consideration for a loss portfolio transfer pertaining to its incurred loss reserves.

(c) Transferee means an insurer that receives consideration for undertaking the obligations represented by a loss portfolio transfer.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 112.3