(a) An “Assuming insurer” means the company that assumes the risks from the insurance policy portfolio passed from a ceding insurer.
(b) A “Ceding insurer” means an insurance company that passes a part or all of its risks from its insurance policy portfolio to a reinsurance firm known as the assuming insurer.
(c) “Commissioner” means the Commissioner of Insurance of the Virgin Islands.
(d) “Reinsurance” means the insurance of an insurance company. In a reinsurance transaction, the ceding insurer pays the premium to the re-insurer (“assuming insurer”) for the shared risk, and the assuming insurer guarantees the amount payable by the assuming insurer if a specified event happens.
(e) “Substantially similar” means standards that equal or exceed the standards set in this chapter, as determined by the Commissioner.