760 IAC 1-56-6 - Reinsurer domiciled and licensed in another state
Authority: IC 27-1-3-7; IC 27-6-10.1-5
Affected: IC 27-6-10.1-2
Sec. 6.
(a) Under IC
27-6-10.1-2, the commissioner of the department of insurance shall allow credit
for reinsurance ceded by a domestic insurer to an assuming insurer that, as of
the date of the ceding insurer's statutory financial statement in which credit
for reinsurance is claimed:
(1) is domiciled
and licensed in (or, in the case of a United States branch of an alien assuming
insurer, is entered through and licensed in) a state that employs standards
regarding credit for reinsurance substantially similar to those applicable
under this rule;
(2) maintains a
surplus as regards policyholders in an amount not less than twenty million
dollars ($20,000,000); and
(3)
files a properly executed Form AR-1 with the commissioner of the department of
insurance as evidence of its submission to the state's authority to examine its
books and records.
(b)
The provisions of this section relating to surplus as regards policyholders
shall not apply to reinsurance ceded and assumed pursuant to pooling
arrangements among insurers in the same holding company system. As used in this
section, "substantially similar" standards means credit for reinsurance
standards that the commissioner of the department of insurance determines equal
or exceed the standards of this rule.
Notes
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