Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-78 - CREDIT FOR REINSURANCE
Rule 120-2-78-.06 - Credit for ReinsuranceReinsurer Domiciled and Licensed in Another State

Universal Citation: GA Rules and Regs r 120-2-78-.06

Current through Rules and Regulations filed through September 23, 2024

(1) Pursuant to O.C.G.A. § 33-7-14(a)(3), 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:

(a) Is domiciled in (or, in the case of a U.S. 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;

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

(c) Files a properly executed Form AR-1 with the commissioner as evidence of its submission to this state's authority to examine its books and records.

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. As used in this section, "substantially similar" standards means credit for reinsurance standards that the commissioner determines equal or exceed the standards of the Act and this regulation.

O.C.G.A. § 33-2-9 and O.C.G.A Chapter 33-63.

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