CHAPTER 405 FOREIGN INSURANCE COMPANIES AND THEIR AGENTS
Reinsurance
Section 405:45
405:45 Purpose. –
The purpose of this subdivision is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The general court hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the general court hereby provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides security to fund its United States obligations in accordance with this subdivision, the assets representing the security shall be maintained in the United States and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. The general court declares that the matters contained in this subdivision are fundamental to the business of insurance in accordance with 15 U.S.C. sections 1011-1012.