Insurance CEOs to take oath on reinsurance contracts
Acting superintendent of insurance Howard Mills has announced that the New York State Insurance Department will require insurers’ chief executives to swear under oath that: “all reinsurance contracts they enter into contain documentation as to the transaction’s economic intent and a risk transfer analysis, in addition to a statement indicating that neither written nor oral agreements are in effect that would potentially alter a reinsurance contract’s terms”.
The department said that this will assist in verifying that the correct accounting treatment is being utilized by insurers entering into finite reinsurance contracts."New York State’s insurance
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