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.
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Samples: Professional Services Contract Contract, Professional Services Contract Contract #0000000000000000000051705, Professional Services Contract Contract #0000000000000000000051704
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.
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Samples: Professional Services Contract Contract #0000000000000000000051704