Or. Admin. Code § 836-012-0021

Current through Register Vol. 63, No. 12, December 1, 2024

Section 836-012-0021 - Credit for Reinsurance - Accredited Reinsurers

(1) Pursuant to ORS 731.509(4) and ORS 731.511, the director 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 (Exhibit 1, OAR 836-012-0000) 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 director 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 U.S. 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 director 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 $20,000,000 or obtain the director's affirmative approval upon a finding by the director that it has adequate financial capacity to meet its reinsurance obligations and is otherwise qualified to assume reinsurance from domestic insurers.

(2) If the director determines that the assuming insurer has failed to meet or maintain any of these qualifications, the director may upon written notice and opportunity for hearing pursuant to ORS chapter 183, 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 Credit shall not be allowed a domestic ceding insurer under this section if the assuming insurer's accreditation has been revoked by the director, or if the reinsurance was ceded while the assuming insurer's accreditation was under suspension by the director.

Or. Admin. Code § 836-012-0021

ID 8-1993, f. & cert. ef. 9-23-93; ID 15-1996, f. & cert. ef. 11-12-96; ID 22-2002, f. & cert. ef. 11-27-02; ID 13-2019, amend filed 12/19/2019, effective 1/1/2020

Exhibits referenced are available from the agency.

Statutory/Other Authority: ORS 731.508 - 731.511 & 731.244

Statutes/Other Implemented: ORS 731.508 - 731.511 & Or Laws 2019, ch 151