Utah Admin. Code R590-173-6 - Credit for Reinsurance - Reinsurer Domiciled in Another State
(1) Credit is allowed for reinsurance ceded
by a domestic insurer to an assuming insurer as of any date a ceding insurer
claims reinsurance credit in a statutory financial statement.
(2) Credit is allowed when the assuming
insurer:
(a) is domiciled in, or in the case
of a U.S. branch of an alien assuming insurer, is entered through a state that
employs standards regarding credit for reinsurance that is equal to or exceeds
those applicable under law;
(b)
maintains a surplus regarding policyholders in an amount not less than $20
million; and
(c) files with the
commissioner a completed Form AR-1, available on the department's website,
https://insurance.utah.gov,
evidencing its submission to Utah's authority to examine its books and
records.
(3) Subsection
(2)(b) does not apply to reinsurance ceded and assumed under a pooling
arrangement among insurers in the same holding company system.
Notes
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