1442

The following terms have the following meaning:\n(a) An 'Assuming insurer' means the company that assumes the risks from the insurance policy portfolio passed from a ceding insurer.\n(b) A 'Ceding insurer' means an insurance company that passes a part or all of its risks from its insurance policy portfolio to a reinsurance firm known as the assuming insurer.\n(c) 'Commissioner' means the Commissioner of Insurance of the Virgin Islands.\n(d) 'Reinsurance' means the insurance of an insurance company. In a reinsurance transaction, the ceding insurer pays the premium to the re-insurer ('assuming insurer') for the shared risk, and the assuming insurer guarantees the amount payable by the assuming insurer if a specified event happens.\n(e) 'Substantially similar' means standards that equal or exceed the standards set in this chapter, as determined by the Commissioner.