044-50 Wyo. Code R. § 50-6

Current through April 27, 2019

Section 50-6 - Credit for Reinsurance - Reinsurer Domiciled and Licensed in Another State

(a) Pursuant to W.S. 26-5-112(a)(iii) the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer which as of the date on which statutory financial statement credit for reinsurance is claimed:

• (i) 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 W.S. 26-5-111 through 26-5-117 and this regulation;

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

• (iii) Files a properly executed Form AR-1 with the commissioner as evidence of its submission to Wyoming'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 W.S. 26-5-111 through 26-5-117 and this regulation.

044-50 Wyo. Code R. § 50-6

Amended, Eff. 2/21/2018.