W. Va. Code R. § 114-40-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-40-3 - Accredited Reinsurers

3.1. Pursuant to W. Va. Code § 33-4-15a(b)(2)(B), the commissioner 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 any date on which statutory financial statement credit for reinsurance is claimed. An accredited reinsurer must:

3.1.a. File a properly executed Form AR-1, as adopted by the National Association of Insurance Commissioners, with the commissioner as evidence of its submission to this state's jurisdiction and to this state's authority to examine its books and records, pursuant to W. Va. Code § 33-2-9;

3.1.b. File with the commissioner 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 United States branch of an alien assuming insurer, is entered through and licensed to transact insurance or reinsurance in at least one state;

3.1.c. File annually, on or before the first day of March, with the commissioner a copy of its annual statement. The annual statement shall be a copy of the 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

3.1.d. Maintain a surplus as regards policyholders in an amount not less than $20,000,000, or obtain the affirmative approval of the commissioner upon a finding that it has adequate financial capacity to meet its reinsurance obligations and is otherwise qualified to assume reinsurance from domestic insurers.

3.2. If the commissioner determines that the assuming insurer has failed to meet or maintain any of the qualifications required by this section, he or she may upon written notice and opportunity for hearing, 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 Credit shall not be allowed a domestic ceding insurer under this section if the assuming insurer's accreditation has been revoked by the commissioner after notice and hearing, or if the reinsurance was ceded while the assuming insurer's accreditation was under suspension by the commissioner.

W. Va. Code R. § 114-40-3