Haw. Code R. § 16-168-4 - Credit for reinsurance; accredited reinsurers
(a) Pursuant to
section 431:4A-101(b), HRS, the commissioner shall allow credit for reinsurance
ceded by a domestic insurer to an assuming insurer that is accredited as a
reinsurer in this State as of the date of the ceding insurer's statutory
financial statement. An accredited reinsurer is one which must:
(1) File a properly executed Form AR-1 dated
January 2012 (attached to and incorporated by reference into this chapter) as
evidence of its submission to this State's jurisdiction and to this State's
authority to examine its books and records;
(2) File with the commissioner a certified
copy of a letter or a certificate of authority or of compliance as evidence
that it is licensed to transact insurance or reinsurance in at least one state,
or, in the case of a United States branch of an alien assuming insurer, is
entered through and licensed to transact insurance or reinsurance in at least
one state;
(3) File annually with
the commissioner a copy of its annual statement filed with the insurance
department of its state of domicile or, in the case of an alien assuming
insurer, with the state through which it is entered and in which it is licensed
to transact insurance or reinsurance, and a copy of its most recent audited
financial statement; and
(4)
Maintain a surplus as regards policyholders in an amount not less than
$20,000,000, or obtain the affirmative approval of the commissioner upon a
finding that it has adequate financial capacity to meet its reinsurance
obligations and is otherwise qualified to assume reinsurance from domestic
insurers.
(b) If the
commissioner determines that the assuming insurer has failed to meet or
maintain any of these qualifications, the commissioner may, upon written notice
and opportunity for hearing, suspend or revoke the accreditation. Credit shall
not be allowed for a domestic ceding insurer under this section if the assuming
insurer's accreditation has been revoked by the commissioner, or if the
reinsurance was ceded while the assuming insurer's accreditation was under
suspension by the commissioner.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
(a) Pursuant to section 431:4A-101(b), HRS, the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that is accredited as a reinsurer in this State as of the date of the ceding insurer's statutory financial statement. An accredited reinsurer is one which must:
(1) File a properly executed Form AR-1 (attached to and incorporated by reference into this chapter) as evidence of its submission to this State's jurisdiction and to this State's authority to examine its books and records;
(2) File with the commissioner a certified copy of a letter or a certificate of authority or of compliance as evidence that it is licensed to transact insurance or reinsurance in at least one state, or, in the case of a United States branch of an alien assuming insurer, is entered through and licensed to transact insurance or reinsurance in at least one state;
(3) File annually with the commissioner a copy of its annual statement filed with the insurance department of its state of domicile or, in the case of an alien assuming insurer, with the state through which it is entered and in which it is licensed to transact insurance or reinsurance, and a copy of its most recent audited financial statement; and
(4) Maintain a surplus as regards policyholders in an amount not less than $20,000,000, or obtain the affirmative approval of the commissioner upon a finding that it has adequate financial capacity to meet its reinsurance obligations and is otherwise qualified to assume reinsurance from domestic insurers.
(b) If the commissioner determines that the assuming insurer has failed to meet or maintain any of these qualifications, the commissioner may, upon written notice and opportunity for hearing, suspend or revoke the accreditation. Credit shall not be allowed for a domestic ceding insurer under this section if the assuming insurer's accreditation has been revoked by the commissioner, or if the reinsurance was ceded while the assuming insurer's accreditation was under suspension by the commissioner.