28 Tex. Admin. Code § 7.625 - Recognition of Certification Issued by an NAIC Accredited Jurisdiction

(a) An assuming insurer that has been certified as an assuming insurer in an NAIC-accredited jurisdiction may apply for certification in Texas under this section. A certification issued under this section is valid for the following calendar year. To continue the certification, the certified assuming insurer must reapply to TDI on or before July 1 of the year that the certification expires. The certified assuming insurer applicant must submit:

(1) Form CR-1 as required under § 7.622(c) of this title;

(2) all information required under § 7.622(d) of this title that is not available to TDI from the certifying jurisdiction; and

(3) when prepared a copy of the approval letter or other documentation provided to the applicant by an accredited jurisdiction, confirming the following information:

(A) the name of all states in which applicant is currently certified;

(B) the rating and collateral percentage assigned by the accredited jurisdiction with respect to the applicant;

(C) the effective and expiration dates with respect to the certification;

(D) the lines of business to which the certification is applicable; and

(E) the applicant's commitment to comply with all requirements necessary to maintain certification;

(b) Following receipt of a certification application, TDI will post on the TDI website notice of the application and instructions on how the public may respond to or comment on the application. The notice will remain posted on the website for at least 30 days before the Commissioner takes final action on the application.

(c) If the Commissioner makes a determination to accept another jurisdiction's certification and rating under this subsection, the assuming insurer will be considered to be a certified assuming insurer in this state. The Commissioner may also certify the assuming insurer and assign a rating in accordance with Insurance Code § 493.1036 and § 7.622 of this title.

(d) Any change in the certified assuming insurer's rating in another jurisdiction will apply in this state as of the date it takes effect in the other jurisdiction without the necessity for further action of the Commissioner. The change will be effective as described in § 7.623 of this title. The certified assuming insurer must notify the Commissioner of any change in its status or rating within 10 days after receiving notice of the change.

(e) The Commissioner may withdraw recognition of another jurisdiction's rating at any time and assign a new rating in accordance with Insurance Code § 493.1036 and § 7.622 of this title.

(f) The Commissioner may withdraw recognition of another jurisdiction's certification at any time in accordance with Insurance Code § 493.1038(b) and § 7.623 of this title. Unless the Commissioner suspends or revokes the certified assuming insurer's certification in accordance with Insurance Code § 493.1038 and § 7.623 of this title, the certified assuming insurer's certification will remain in good standing in this state for a period of 90 days. This period may be extended if additional time is necessary to consider the assuming insurer's application for certification in this state, as provided under Insurance Code § 493.1036(h).

Notes

28 Tex. Admin. Code § 7.625

Adopted by Texas Register, Volume 43, Number 24, June 15, 2018, TexReg 3888, eff. 6/19/2018