Common use of Reinsurance Accounting Standards Clause in Contracts

Reinsurance Accounting Standards. o The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims-paying ability ratings of "AA" or higher and a Moody’s bond rating of “A1” or higher, unless otherwise approved by OMPP in writing. • Subcontractors o Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement. o Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.

Reinsurance Accounting Standards. o The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims-paying ability ratings of "AA" or higher and a Moody’s Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP in writing. •  Subcontractors o Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement. o Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.