15 U.S.C. § 8223 — Definitions

For purposes of this subchapter, the following definitions shall apply: (1) Ceding insurer The term “ ceding insurer ” means an insurer that purchases reinsurance. (2) Domiciliary State The terms “ State of domicile” and “domiciliary State ” mean, with respect to an insurer or reinsurer , the State in which the insurer or reinsurer is incorporated or entered through, and licensed. (3) NAIC The term “ NAIC ” means the National Association of Insurance Commissioners or any successor entity. (4) Reinsurance The term “ reinsurance ” means the assumption by an insurer of all or part of a risk undertaken originally by another insurer. (5) Reinsurer (A) In general The term “ reinsurer ” means an insurer to the extent that the insurer— (i) is principally engaged in the business of reinsurance ; (ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and (iii) is not engaged in an ongoing basis in the business of soliciting direct insurance. (B) Determination A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph. (6) State The term “ State ” includes any State of the United States , the District of Columbia, the Commonwealth of Puerto Rico , Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. ( Pub. L. 111–203, title V, § 533 , July 21, 2010 , 124 Stat. 1595 .)

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