(1) Insurers subject to these rules must reduce to
zero by December 31, 1995, any reserve credits or assets established with
respect to reinsurance agreements entered into prior to the effective date of
these rules which, under the provisions of these rules would not be entitled to
recognition of the reserve credits or assets; provided, however, that the
reinsurance agreements must have been in compliance with laws or regulations in
existence immediately preceding the effective date of these rules.