HB 1903 - This act revises the method in which reinsurance is allowed to be counted as an asset or reduction from liability. The act requires the assets of any foreign insurer or reinsurer which are used as security for insurance or reinsurance to be maintained within the United States. The act exempts from the "vexatious refusal to pay" statute any lawsuits arising out of a contract of reinsurance made by a ceding insurer against an assuming insurer.
STEPHEN WITTE