Pursuant to Title 24 A M.R.S.A. §731- B(1)(B), the
Superintendent shall allow credit for reinsurance ceded by a domestic insurer
to an assuming insurer which has been domiciled and licensed in another State
that employs standards regarding credit for reinsurance substantially similar
to those applicable in Section 731-B at all times for which statutory financial
statement credit for reinsurance is claimed under this section, has filed
evidence of its submission to this State's authority to examine its books and
records, has appointed an agent to receive service of legal process pursuant to
Title
24-A M.R.S.A.
§421, has submitted to the authority of
any court of competent jurisdiction in the State of Maine or any other state in
the United States for the adjudication of any issues arising out of the
reinsurance agreement(s), and maintains a surplus as regards policyholders in
an amount not less than $20,000,000. An insurer with a qualifying United States
port of entry, as determined by the Superintendent pursuant to Title
24-A M.R.S.A.
§413-A(1), is
considered domiciled in that State. The minimum surplus requirement does not
apply to reinsurance ceded and assumed pursuant to pooling arrangements
approved by the Superintendent among insurers in the same holding company
system.
