Haw. Code R. § 16-20-4 - Written agreements
(a) No reinsurance
agreement, amendment, or binding letter of intent to any agreement may be used
to reduce any liability or to establish any asset in any financial statement
filed with the commissioner unless the agreement, amendment, or binding letter
of intent has been duly executed by both parties no later than the date of the
financial statement.
(b) In the
case of a letter of intent, a reinsurance agreement or an amendment to a
reinsurance agreement must be executed within a reasonable period of time, not
exceeding ninety days from the execution date of the letter of intent, in order
for credit to be granted for the reinsurance ceded.
(c) The reinsurance agreement shall provide
that:
(1) The agreement constitutes the entire
agreement between the parties with respect to the business being reinsured and
that there are no understandings between the parties other than as expressed in
the agreement; and
(2) Any change
or modification to the agreement shall be null and void unless made by
amendment to the agreement and signed by both parties.
Notes
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