As the holidays approach, JLK Rosenberger is taking a new perspective on a holiday classic – the Twelve Days of Christmas. Rather than filling your head with turtle doves and gold rings, we are going to instead focus on the latest changes to SSAP and how they will impact your insurance company in 2018 and beyond.
On the 10th day of SSAP JLK Rosenberger told to me – Life and Health Reinsurance Agreements.
Appendix A-791, Life and health Reinsurance Agreements, was revised to contain provisions which provide that a reinsurance 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. In addition, any changes to the agreement must be in the form of an amendment and signed by both parties to be effective. SSAP No. 62R, Property and Casualty Reinsurance contains similar language.