Section 760 IAC 1-56-6 - Reinsurer domiciled and licensed in another stateAuthority: IC 27-1-3-7; IC 27-6-10.1-5
Affected: IC 27-6-10.1-2
Sec. 6.
(a) Under IC 27-6-10.1-2, the commissioner of the department of insurance shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that, as of the date of the ceding insurer's statutory financial statement in which credit for reinsurance is claimed:(1) is domiciled and licensed in (or, in the case of a United States branch of an alien assuming insurer, is entered through and licensed in) a state that employs standards regarding credit for reinsurance substantially similar to those applicable under this rule;(2) maintains a surplus as regards policyholders in an amount not less than twenty million dollars ($20,000,000); and(3) files a properly executed Form AR-1 with the commissioner of the department of insurance as evidence of its submission to the state's authority to examine its books and records.(b) The provisions of this section relating to surplus as regards policyholders shall 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 commissioner of the department of insurance determines equal or exceed the standards of this rule. Department of Insurance; 760 IAC 1-56-6; filed Nov 14, 1994, 9:50 a.m.: 18 IR 871; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed Nov 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA; filed Dec 16, 2013, 9:14 a.m.: 20140115-IR-760130006FRAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFAFiled 6/2/2022, 3:33 p.m.: 20220629-IR-760210519FRA