D.C. Mun. Regs. tit. 26, r. 26-A2803

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-A2803 - CREDIT FOR REINSURANCE - REINSURER DOMICILED AND LICENSED IN ANOTHER STATE

2803.1

Pursuant to section 2(a)(3)(A) and (B) of the act, D.C. Code section 35-3301(a)(3)(A) and (B) the Commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer which as of the date of the ceding insurer's statutory financial statement:

(a) Is domiciled and licensed in (or, in the case of a United States branch of an alien assuming insurer, is entered through and licensed in) a state which employs standards regarding credit for reinsurance substantially similar to those applicable under the Act and this regulation;

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

(c) Files a properly executed Form AR-1 with the Commissioner as evidence of its submission to the District of Columbia's authority to examine its books and records.

2803.2

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 the act and this regulation.

D.C. Mun. Regs. tit. 26, r. 26-A2803

Final Rulemaking published at 43 DCR 2318 (May 3, 1996)