14 Va. Admin. Code § 5-300-80

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-300-80 - Credit for reinsurance; reinsurer domiciled and licensed in another state, and neither licensed nor accredited in Virginia

A. Pursuant to the provisions of § 38.2-1316.2C 3 of the Act, the commission shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that 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 that employs standards regarding credit for reinsurance substantially similar to those applicable under the Act and this chapter;

2. Maintains a surplus as regards policyholders in an amount not less than $20 million; and

3. Files a properly executed Certificate of Assuming Insurer with the commission as evidence of its submission to this Commonwealth'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 commission determines equal or exceed the standards of the Act and this chapter.

14 Va. Admin. Code § 5-300-80

Derived from Regulation 43, Case No. INS910307, § 9, eff. March 1, 1992; amended, Virginia Register Volume 29, Issue 4, eff. January 1, 2013; Amended, Virginia Register Volume 35, Issue 05, eff. 11/1/2018.

Statutory Authority: §§ 12.1-13 and 38.2-223 of the Code of Virginia.