Wash. Admin. Code § 284-13-516 - Credit for reinsurance - Accredited reinsurers
(1) Under
RCW
48.12.415, the commissioner shall allow
credit for reinsurance ceded by a domestic insurer to an assuming insurer that
is accredited as a reinsurer in this state as of the date on which statutory
financial statement credit for reinsurance is claimed. An accredited reinsurer
must:
(a) File a properly executed Form AR-1
as set forth in WAC
284-13-595 as evidence of its
submission to this state's jurisdiction and to this state's authority to
examine its books and records;
(b)
File with the commissioner a certified copy of a certificate of authority or
other acceptable evidence that it is licensed to transact insurance or
reinsurance in at least one state, or, in the case of a United States branch of
an alien assuming insurer, is entered through and licensed to transact
insurance or reinsurance in at least one state;
(c) File annually with the commissioner a
copy of its annual statement filed with the insurance department of its state
of domicile or, in the case of an alien assuming insurer, with the state
through which it is entered and in which it is licensed to transact insurance
or reinsurance, and a copy of its most recent audited financial statement;
and
(d) Maintain a surplus as
regards policyholders in an amount not less than twenty million dollars, or
obtain the affirmative approval of the commissioner upon a finding that it has
adequate financial capacity to meet its reinsurance obligations and is
otherwise qualified to assume reinsurance from domestic insurers.
(2) If the commissioner determines
that the assuming insurer has failed to meet or maintain any of these
qualifications, the commissioner may upon written notice and opportunity for
hearing, suspend or revoke the accreditation. Credit shall not be allowed a
domestic ceding insurer under this section if the assuming insurer's
accreditation has been revoked by the commissioner, or if the reinsurance was
ceded while the assuming insurer's accreditation was under suspension by the
commissioner.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.