760 IAC 1-56-5 - Accredited reinsurers
Authority: IC 27-1-3-7; IC 27-6-10.1-5
Affected: IC 27-6-10.1-2
Sec. 5.
(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 is
accredited as a reinsurer in this state as of the date of the ceding insurer's
statutory financial statement in which credit for reinsurance is claimed. An
accredited reinsurer is one that:
(1) files a
properly executed Form AR-1, as established in section 15 of this rule, as
evidence of its submission to this state's jurisdiction and to this state's
authority to examine its books and records;
(2) files with the commissioner of the
department of insurance 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 (1) 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 (1) state;
(3) files annually with the commissioner of
the department of insurance a copy of its annual statement filed with the
department of insurance 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) maintains a surplus as regards
policyholders in an amount not less than twenty million dollars ($20,000,000)
and whose accreditation has not been denied by the commissioner of the
department of insurance within ninety (90) days of its submission or, in the
case of companies with a surplus as regards policyholders of less than twenty
million dollars ($20,000,000), whose accreditation has been approved by the
commissioner of the department of insurance.
(b) If the commissioner of the department of
insurance determines that the assuming insurer has failed to meet or maintain
any of the qualifications in this section, the commissioner may, upon written
notice and opportunity for hearing, suspend or revoke the accreditation. No
credit shall be allowed a domestic ceding insurer with respect to reinsurance
ceded after the next following year end if the assuming insurer's accreditation
has been denied or revoked by the commissioner of the department of insurance
after notice and hearing.
Notes
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