Section 45-03-07-04 - Procedure for approval of reinsurer The reinsurer requested to obtain the approval of the commissioner pursuant to subsection 3 of section 45-03-07-03 and North Dakota Century Code section 26.1-02-20 shall not accept reinsurance unless at the time of cession such reinsurer has been approved by the commissioner. The commissioner shall approve a reinsurer if such reinsurer has:
1. Filed with the commissioner an application including: a. Satisfactory evidence of good repute and financial integrity. b. Satisfactory evidence that the reinsurer has capital and surplus or its equivalent under the laws of its domiciliary jurisdiction which equals five million dollars or in the case of any Lloyd's or other similar unincorporated group of individual insurers, that the group maintains a trust fund of not less than fifty million dollars as security to the full amount thereof for all policyholders and creditors in the United States of all members of the group. 2. Provided the commissioner with a copy of its current annual financial statement in United States dollars. The statement shall be provided no more than six months after the close of the period reported upon and shall be certified by an accounting or auditing firm licensed in the jurisdiction of the reinsurer's domicile. 3. Promptly advised the commissioner in writing of any changes in the information so furnished arising subsequent to the date upon which such information is filed but prior to the commissioner's disposition of the application. N.D. Admin Code 45-03-07-04
Effective January 1, 1984.General Authority: NDCC 26.1-01-08
Law Implemented: NDCC 26.1-02-20