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Workers Comp Insurance in New York: What You Need to Know
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What is a Reg 114?
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Regulation 114 Trust - this term refers to Regulation 114 of the Insurance Department of the State of New York, which details standards for the use of trust funds for reinsurance. When applied to captives, a trust agreement is entered into between the captive, the fronting company, and a bank.
What is a 114 trust?
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A Regulation 114 Trust is a type of reinsurance trust established to secure payment of future losses, in the format prescribed by the New York Insurance Administrative Code, which governs the form of reinsurance trust agreement approved for use by New York insurance companies.
References:
Regulation 114 Trusts / Permissible Assets Requirements
Regulation 114 Trusts - Custody of Assets | Department of …
Regulation 114 Trust | Insurance Glossary Definition | IRMI.com
Regulation 114 Trust Definition | Law Insider
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