Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 168 - CREDIT FOR REINSURANCE
Section 16-168-5 - Credit for reinsurance; reinsurer domiciled in another state

Universal Citation: HI Admin Rules 16-168-5

Current through November, 2023

(a) Pursuant to section 431:4A-101(c), HRS, the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer which as of the date of the ceding insurer's statutory financial statement:

(1) Is domiciled in (or, in the case of a United States branch of an alien assuming insurer, is entered through and licensed in) a state which employs standards regarding credit for reinsurance substantially similar to those applicable under article 4A of chapter 431, HRS, and this chapter;

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

(3) 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.

(b) 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 which the commissioner determines equal or exceed the standards of article 4A of chapter 431, HRS, and this chapter.

Am and Comp 11/10/2016

[Eff 1/25/97; Comp 7/28/2022] (Auth: HRS §§ 431:2-201, 431:4A-104) (Imp: HRS § 431:4A-101)

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