Reinsurance. The transfer of insurance risk from an insurer, referred to as the ceding company, to a reinsurer, in conjunction with the payment of a reinsurance. insurance or reinsurance regulation. Covered agreements address the reinsurer status recognized in Louisiana should file a passport application, meaning. In reinsurance, a reinsurer which negotiates with a ceding company without benefit of an intermediary or broker. In insurance, a primary insurer that sells. Reinsurance definition: the process or business of reinsuring.. See examples of REINSURANCE used in a sentence. Reinsurance definition. Think of reinsurance as insurance for insurance companies. Just like you get a homeowners policy in case something devastating.
Define reinsurer. reinsurer synonyms, reinsurer pronunciation, reinsurer translation, English dictionary definition of reinsurer. tr.v. re·in·sured. An accredited reinsurer, by definition, is an insurer that is not authorized to do an insurance business in New York. N.Y. Ins. Law § (a)(2) (McKinney ). The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent. Terms, defined. For purposes of the Reinsurance Intermediary Act: (1) Actuary shall mean a person who is a member in good standing of the American Academy. "Reinsurance" means a written contract that for consideration transfers an insurance risk of loss between insurers and indemnifies a ceding insurer. REINSURE meaning: if an insurance company reinsures, it buys insurance from reinsurer. noun [ C ]. Many insurance companies are holding talks with. The meaning of REINSURER is an insurance company that insures all or part of the liability of another insurance company. Munich Re is a leading global provider of reinsurance, primary insurance and insurance-related risk solutions. Reinsurance is essentially insurance for insurance companies. Just like individuals count on their insurance company to cover a portion of their medical. Define reinsurer. reinsurer synonyms, reinsurer pronunciation, reinsurer translation, English dictionary definition of reinsurer. tr.v. re·in·sured.
Three reinsurance methods are usual: Treaty Reinsurance, Facultative Reinsurance and a hybrid mode with elements from the Treaty and the Facultative. The meaning of REINSURE is to insure again by transferring to another insurance company all or a part of a liability assumed. How to use reinsure in a. A primary insurer (the insurance company) transfers policies (insurance liabilities) to a reinsurer (the reinsurance company) through a process called cession. Reinsurance Law, which allow for reduced collateral for financially solvent reinsurers and licensed in a jurisdiction with a well-defined regulatory framework. A reimbursement system that protects insurers from very high claims. It usually involves a third party paying part of an insurance company's claims. If you have any questions, please contact the Examination Division at () Definition. Reinsurance Intermediary - broker - Any person. The company that assumes liability from the primary insurer is known as the reinsurer. Primary companies are said to “cede” business to a reinsurer. The. Reinsurance exists to help insurance companies transfer some of their risk to protect them against a catastrophic loss, like a hurricane, wildfire, or flood. Reinsurance is the provision of insurance to an insurer to spread their risk and avoid reducing the probability of paying out large sums of money in insurance.
Often called “insurance for insurers,” reinsurance is when one insurance company is insured by another for risks they can't cover on their own. Reinsurance involves one insurance company getting insurance from another insurance company to help cover its financial risks and obligations. as defined in G.S. 58‑33‑10(3) damages for the benefit of the insurer or reinsurer and its policyholders and creditors or for other appropriate relief. At RGA, we specialize in providing life and health-related reinsurance and financial solutions to help our clients effectively manage risk and capital. Reinsurance is a vehicle which permits a licensed insurer to reduce its loss exposure on either an individual risk or a large number of risks by selling (ceding).