Wis. Admin. Code Office of the Commissioner of Insurance § Ins 52.025 - Revocation of accreditation or certification
Current through March 28, 2022
(1) The
commissioner may revoke the accreditation or certification of a reinsurer under
s.
Ins
52.02. If the accreditation or certification of a
reinsurer is revoked, a licensed insurer may not take credit for ceded
reinsurance to the reinsurer under s.
Ins
52.02(2), (3), or (4m), regardless of
when the reinsurance was ceded or the reinsurance contract executed. If a
reinsurer does not comply with any provision of s.
Ins
52.02(2), (3), (4), (4m), or (5) an
insurer may not take credit for reinsurance ceded to the reinsurer under s.
Ins
52.02(2), (3), (4), (4m), or (5),
regardless of whether the reinsurer is or remains accredited or certified and
regardless of when the reinsurance was ceded or the reinsurance contract
executed.
(2) For the purpose of
accreditation under s.
Ins
52.02(2) it is presumed that a
reinsurer should not be accredited or take credit if the reinsurer has a
policyholder surplus of less than $20,000,000.
(3) The commissioner may revoke the
certification of a reinsurer under s.
Ins
52.02(4m) at any time if the
certified reinsurer fails to meet the requirements of s.
Ins
52.02(4m).
Notes
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