521

An insurer may obtain credit for reserves upon risks ceded to a reinsurer up to the amount reinsured, except:(1) No credit shall be granted for reinsurance not authorized by § 412 of this title.(2) No credit shall be granted as an asset nor as a deduction from the liabilities to any cedent insurer, unless the reinsurance is payable by the reinsurer based upon the liability of the cedent insurer, pursuant to the reinsured contracts, without decrease by reason of insolvency of the cedent insurer. History —Ins. Code, added as § 5.060 on Mar. 22, 2003, No. 90, § 1.