N.D. Admin Code 45-03-07.1-03 - Credit for reinsurance - Reinsurer domiciled in another state

1. Pursuant to subsection 4 of North Dakota Century Code section 26.1-31.2-01, the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that as of any date on which statutory financial statement credit for reinsurance is claimed:

a. Is domiciled in, or, in the case of a United States branch of an alien assuming insurer, is entered through, a state that employs standards regarding credit for reinsurance substantially similar to those applicable under North Dakota Century Code chapter 26.1-31.2 and this chapter;

b. Maintains a surplus as regards policyholders in an amount not less than twenty million dollars; and

c. Files a properly executed form AR-1 with the commissioner as evidence of its submission to this state's authority to examine its books and records.

2. The provisions of this section relating to surplus as regards policyholders do 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 which the commissioner determines equal or exceed the standards of North Dakota Century Code chapter 26.1-31.2 and this chapter.

Notes

N.D. Admin Code 45-03-07.1-03

Effective October 1, 1995; amended effective October 1, 2002. Amended by Administrative Rules Supplement 2016-359, January 2016, effective 1/1/2016. Amended by Administrative Rules Supplement 2022-384, April 2022, effective 4/1/2022.

General Authority: NDCC 26.1-31.2-04

Law Implemented: NDCC 26.1-31.2