This glossary is for non-commercial educational purposes only. The
definition of the
terminology below is only a brief description and should not be considered factual or
the only definition possible. This information is only to help better inform you
of information related to liquidations.
Any person acting in the capacity of a rehabilitator or liquidator of an insurer.
Reciprocal State
Any state other than this state in which in substance and effect division (A) of section 3903.18, and sections 3903.52, 3903.53, and 3903.55 to 3903.57 of the Ohio Revised Code are in force, in which provisions are in force requiring that the superintendent or equivalent official be the receiver, liquidator, rehabilitator, or conservator of a delinquent insurer, and in which some provision exists for the avoidance of fraudulent conveyances and preferential transfers.
Rehabilitator
A public official, usually an insurance commissioner or an appointed deputy, with responsibility for overseeing the management of an insurer during court ordered rehabilitation.
Reinsurance
An arrangement in which an insurer transfers all or part of insurance risk and obligations to another insurer in exchange for part of the policy premium.
Reinsurance Recoveries
Outstanding amounts due and payable by a reinsurer to a ceding company.
Reinsured
The term for an insurer that has transferred all or part of its underwritten risk to a third party by purchasing reinsurance; also known as a Cedant.
Reinsurer
An insurer that assumes reinsurance risk.
Return Premium
Premium that has been paid to an insurer but which has not been earned and is returned to the insured when the policy is canceled or the terms of the policy are changed, thus reducing the amount of premium due.
