Iowa Admin. Code r. 191-99.9

Current through Register Vol. 47, No. 6, September 18, 2024
Rule 191-99.9 - Reports and notifications

Notice of securitizations. An LPS shall provide the commissioner with a copy of a complete set of executed documentation of an insurance securitization no later than 45 days after the closing on the transactions for such securitization.

Notice of material change to financial condition. In the event of any material change in the financial condition or management of an LPS, the LPS shall notify the commissioner in writing within two business days of any such change.

Reports on reserves. An LPS shall file annually with the commissioner an actuarial opinion, in compliance with 191-534. (508), on reserves for all risks assumed by the LPS pursuant to its reinsurance contracts provided by an internal actuary and may discount its reserves in accordance with that actuarial opinion, subject to approval by the commissioner An LPS shall file biennially an opinion of a qualified independent actuary acceptable to the commissioner concerning the methods and assumptions used to set reserves.

Risk-based capital reports. An LPS shall file annually with the commissioner a report of the LPS's risk-based capital level as of the end of the calendar year immediately preceding containing the information required by the risk-based capital instructions.

Foreclosure on collateral An LPS shall notify the commissioner immediately of any action by a ceding insurer or any other person to foreclose on or otherwise take possession of collateral provided by the LPS to secure any obligation of the LPS.

Filing reports with the National Association of Insurance Commissioners. Notwithstanding 191-53. (507,508,515), 191-526. (508,515), or any other rule, an LPS shall not be required to file any report, notice, or other document with the National Association of Insurance Commissioners unless required by the commissioner

Iowa Admin. Code r. 191-99.9

ARC 9229B, lAB 11/17/10, effective 12/22/10