Or. Admin. Code § 836-012-0031 - Credit for Reinsurance - Reinsurer Domiciled and Licensed in Another State

(1) Pursuant to ORS 731.509(6), the director 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 a state employing standards regarding credit for reinsurance that equal or exceed those applicable under ORS 731.509 to 731.511 and OAR 836-012-0000 to 836-012-0110 or, in the case of a U.S. branch of an alien assuming insurer, is entered through a state employing such standards;

(b) Maintains capital and surplus in an amount not less than $20,000,000; and

(c) Files a properly executed Form AR-1 (Exhibit 1, OAR 836-012-0000) with the director 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 that the director determines equal or exceed the standards of the Act and this regulation.

Notes

Or. Admin. Code § 836-012-0031

ID 8-1993, f. & cert. ef. 9-23-93; ID 15-1996, f. & cert. ef. 11-12-96; ID 22-2002, f. & cert. ef. 11-27-02; ID 13-2019, amend filed 12/19/2019, effective 1/1/2020

Exhibits referenced are available from the agency.

Statutory/Other Authority: ORS 731.508 - 731.511 & 731.244

Statutes/Other Implemented: ORS 731.508 - 731.511 & Or Laws 2019, ch 151