(I) That in the event of the failure of the assuming insurer to perform its obligations under the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding insurer, shall submit to the jurisdiction of any court of competent jurisdiction in any state of the United States, will comply with all requirements necessary to give the court jurisdiction, and will abide by the final decision of the court or of any appellate court in the event of an appeal; and
(II) To designate the commissioner or a designated attorney as its true and lawful attorney upon whom may be served any lawful process in any action, suit, or proceeding instituted by or on behalf of the ceding insurer.
Source: L. 2014: Entire part R&RE, (HB 14-1315), ch. 295, p. 1202, § 1, effective January 1, 2015. L. 2021: (1) and (7) amended and (6.5) added, (HB 21-1063), ch. 40, p. 151, § 1, effective September 7.