Section 230-RICR-20-45-3.6 - Credit for Reinsurance - Reinsurer Domiciled and Licensed in Another StateA. Pursuant to R.I. Gen. Laws § 27-1.1-1(d) the Superintendent shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that as of any date on which statutory financial statement credit for reinsurance is claimed: 1. Is domiciled in (or in the case of a United States branch of an alien assuming insurer, is entered through) a State that employs standards regarding credit for reinsurance substantially similar to those applicable under the Act and this Regulation;2. Maintains a surplus as regards policyholders in an amount not less than twenty million dollars ($20,000,000.00); and3. Files a properly executed Form AR-1 (promulgated by the Department in a Bulletin issued for that purpose) with the Superintendent as evidence of its submission to this State's authority to examine its books and records.B. The provisions of § 3.6 of this Part 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 § 3.6 of this Part, "substantially similar" standards means credit for reinsurance standards that the Superintendent determines equal or exceed the standards of the Act and this Regulation.230 R.I. Code R. 230-RICR-20-45-3.6
Amended effective 8/21/2021
Amended effective 7/29/2022