R590-143-5. Written Agreements

(1) A reinsurance agreement or an amendment may not be used to reduce a liability or to establish an asset in a financial statement filed with the department, unless an agreement, an amendment, or a binding letter of intent was executed by both parties no later than the "as of date" of the financial statement. (2) A binding letter of intent, a reinsurance agreement, or an amendment to a reinsurance agreement shall be executed within a reasonable time, not to exceed 90 days from the execution date of the letter of intent, for credit to be granted for the reinsurance ceded. (3) A reinsurance agreement shall contain the following provisions: (a) the agreement constitutes the entire agreement between the parties; and (b) any change or modification to the agreement is void unless made by amendment to the agreement and signed by both parties.