Section 230-RICR-20-45-3.5 - Credit for Reinsurance - Accredited ReinsurersA. Pursuant to R.I. Gen. Laws § 27-1.1-1(b), the Superintendent 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: 1. File a properly executed Form AR-1 (promulgated by the Department in a Bulletin issued for that purpose) as evidence of its submission to this state's jurisdiction and to this State's authority to examine its books and records;2. File with the Superintendent 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 (1) 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 (1) State;3. File annually with the Superintendent 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; and4. Maintain a surplus as regards policyholders in an amount not less than twenty million dollars ($20,000,000.00) or obtain the affirmative approval of the Superintendent 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 Superintendent determines that the assuming insurer has failed to meet or maintain any of these qualifications, the Superintendent may upon written notice and opportunity for hearing, suspend or revoke the accreditation. Credit shall not be allowed a domestic ceding insurer under § 3.5 of this Part if the assuming insurer's accreditation has been revoked by the Superintendent, or if the reinsurance was ceded while the assuming insurer's accreditation was under suspension by the Superintendent.230 R.I. Code R. 230-RICR-20-45-3.5
Amended effective 8/21/2021
Amended effective 7/29/2022