230 R.I. Code R. 230-RICR-20-45-8.4

Current through November 7, 2024

Section 230-RICR-20-45-8.4 - Accounting Requirements

A. No insurer subject to this Part shall, for reinsurance ceded, reduce any liability or establish any asset in any financial statement filed with the Insurance Division of the Department of Business Regulation if, by the terms of the reinsurance agreement, in substance or effect, the treaty does not transfer all of the significant risk inherent in the business being reinsured. The following table identifies for a representative sampling of products or type of business, the risks which are considered to be significant. For products not specifically included, the risks determined to be significant shall be consistent with this table:

B. Risk Categories

+ - significant 0 - insignificant	a	b	c	d	e	f
Risk Category
Health Insurance - Other Than Ltc/Ltd*	+	0	+	0	0	0
Health Insurance - Ltc/Ltd*	+	0	+	+	+	0
Immediate Annuities	0	+	0	+	+	0
Single Premium Deferred Annuities	0	0	+	+	+	+
Flexible Premium Deferred Annuities	0	0	+	+	+	+
Guaranteed Interest Contracts	0	0	0	+	+	+
Other Annuity Deposit Business	0	0	+	+	+	+
Single Premium Whole Life	0	+	+	+	+	+
Traditional Non-Par Permanent	0	+	+	+	+	+
Traditional Non-Par Term	0	+	+	0	0	0
Traditional Par Permanent	0	+	+	+	+	+
Traditional Par Term	0	+	+	0	0	0
Adjustable Premium Permanent	0	+	+	+	+	+
Indeterminate Premium Permanent	0	+	+	+	+	+
Universal Life Flexible Premium	0	+	+	+	+	+
Universal Life Fixed Premium	0	+	+	+	+	+
Universal Life Fixed Premium dump-in premiums allowed	0	+	+	+	+	+
*LTC Long Term Care Insurance LTD Long Term Disability Insurance

230 R.I. Code R. 230-RICR-20-45-8.4