W. Va. Code R. § 114-40-4

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

Section 114-40-4 - Reinsurer Domiciled in Another State

4.1. Pursuant to W. Va. Code § 33-4-15a(b)(2)(C), the commissioner 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:

4.1.a. 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 W. Va. Code § 33-4-15a and this rule;

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

4.1.c. Files 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 authority to examine its books and records, pursuant to W. Va. Code § 33-2-9.

4.2. 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.

4.3. As used in this section, "substantially similar" standards means credit for reinsurance standards that the commissioner determines equal or exceed the standards of W. Va. Code § 33-4-15a and this rule.

W. Va. Code R. § 114-40-4