Okla. Admin. Code § 365:25-7-64

Current through Vol. 41, No. 19, June 17, 2024

Section 365:25-7-64 - Credit for reinsurance - Reinsurer domiciled and licensed in another state

(a) Pursuant to Section 5122(D) of the Act the Commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer which as of any date on which statutory financial statement credit for reinsurance is claimed:

(1) Is domiciled in (or, in the case of a United States branch of an alien assuming insurer, is entered through ) a state which employs standards regarding credit for reinsurance substantially similar to those applicable under the Act and this part;

(2) Maintains a surplus as regards policyholders in an amount not less than $20,000,000; and

(3) Files a properly executed Form AR-1 (see Appendix P of this Chapter) with the Commissioner as evidence of its submission to this 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 which the Commissioner determines equal or exceed the standards of the Act and this part.

Okla. Admin. Code § 365:25-7-64

Added at 9 Ok Reg 3971, eff 9-3-92 (emergency); Added at 10 Ok Reg 1487, eff 5-1-93; Amended at 17 Ok Reg 1690, eff 7-14-00; Amended at 19 Ok Reg 1310, eff 7-14-02