044-50 Wyo. Code R. §§ 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.
Notes
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