044-50 Wyo. Code R. §§ 50-5 - Credit for Reinsurance - Accredited Reinsurers
(a) Pursuant to
W.S.
26-5-112(a)(ii), the
commissioner shall allow credit for reinsurance ceded by a domestic insurer to
an assuming insurer which 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 shall:
(i) File a
properly executed Form AR-1 (located at the Department of Insurance website,
doi.wyo.gov) as evidence of its submission to this state's jurisdiction and to
this state's authority to examine its books and records;
(ii) 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;
(iii) 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
(iv) Maintain a
surplus in an amount not less than $20,000,000 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.
(b) If the commissioner determines that the
assuming insurer has failed to meet or maintain any of these qualifications, he
may upon written notice and opportunity for a 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section if the assuming insurer's accreditation has been revoked by the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
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