The annual report format prescribed by the National Association of Insurance Commissioners and utilized to submit financial data and related information to insurance regulators. All states use the annual statement blank promulgated by the NAIC, but each state retains the authority to make changes in those statements. Changes made by states generally require only supplemental information and do not change the basic financial information.

Language providing a means of resolving differences between the reinsurer and the reinsured without litigation. Usually, each party appoints and arbiter. The two thus appointed select a third arbiter, or umpire, and a majority decision of the three becomes binding on the parties to the arbitration proceedings.

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UK: A policy condition that commits the insured and the insurer to use arbitration as a means of settling disputes as to the amount of a claim liability otherwise being admitted. The clause does not appear in liability policies.

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A provision found in reinsurance contracts whereby the parties agree to submit their disputes to a non-judicial adjudication panel rather than a court of law, generally subject to selection criteria and procedures set out in the clause. The arbitration panel produces an award, ultimately enforceable by a court of law, binding both parties.

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The clause in an insurance policy that spells out how disagreements over a claim are settled. Generally, each party chooses an arbiter the arbiters agree on an umpire and these three agree on a resolution of the dispute. Under some clauses, an unsatisfied party may have the option to seek judicial relief following an arbitration finding.

This is a method for recalculation of prior years of reinsurance experience to demonstrate what the underwriting results of a particular program would have been if the proposed program had been “as if” in force during that period.

An organization of insurers or reinsurers through which pool members underwrite particular types of risks with premiums, losses, and expenses shared in agreed amounts. Associations may be voluntary or involuntary if mandated by insurance laws.

Accept all or part of reinsured’s insurance or reinsurance on a risk or exposure through various forms of reinsurance.

A procedure under which one insurance or reinsurance) company takes over or assumes contractual obligations of another insurer or reinsurer.

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An amount accepted by the reinsurer.

An endorsement to an insurance policy or reinsurance contract wherein a reinsurer assumes insurance obligations or risks, or both, of existing or in-force policies of insurance. The term is distinguished from a cut-through. See Cut-Through Endorsement.

A group of mutual insurance companies which reinsure Liability policies written on private nuclear energy reactors. Most insurance contracts exclude this coverage, and it can usually only be provided by a pool.
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Refer: “Reinsurance, Atomic Energy Reinsurance Pool (Mutual Atomic Energy Reinsurance Pool.”

Authority means the Insurance Regulatory and Development Authority.