The bill would amend Chapter 11 (Reinsurance) of the Insurance Code to establish requirements and criteria for allowing a ceding insurer credit for reinsurance ceded; revise requirements for a trust fund for reinsurance ceded under reinsurance agreements for a group including incorporated and individual unincorporated underwriters; delete a provision that permits the Commissioner of Financial and Insurance Services to allow a credit that does not meet the Code's requirements; require that the trust agreement for reinsurance credit contain certain provisions; and specify solvency provisions in a reinsurance agreement and in life or health insurance policy obligations.