Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 7 - CORPORATE AND FINANCIAL REGULATION
Subchapter F - REINSURANCE
Section 7.606 - Accredited Assuming Insurer
Current through Reg. 50, No. 13; March 28, 2025
(a) An assuming insurer authorized by its state of domicile to assume the kind or kinds of insurance ceded to it, but which is not authorized to transact the business of insurance in this state, may apply for accreditation and such assuming insurer may be referred to as the "applicant" where appropriate in this section. A ceding insurer which cedes business to an accredited assuming insurer may receive the same credit for reinsurance as either an asset or a deduction from liability that the ceding insurer would be entitled to receive from ceding to an authorized assuming insurer.
(b) To apply for accreditation, the applicant must submit to TDI the following:
(c) Accreditation will not be granted by the Commissioner until the applicant has submitted all information and documents required under subsection (b) of this section, and has demonstrated to the satisfaction of the Commissioner that the applicant qualifies for accreditation under Insurance Code Chapter 493 and this subchapter.
(d) To maintain accreditation, the accredited assuming insurer must submit to TDI:
(e) Renewal of accreditation will occur annually, subject to continuing compliance with Insurance Code Chapter 493 and this subchapter.
(f) As provided in Insurance Code § 493.1038, the Commissioner may suspend or revoke an assuming insurer's accreditation after notice and opportunity for hearing.
(g) The Commissioner may allow up to 90 days for an order suspending or revoking an assuming insurer's accreditation to become effective. No credit will be allowed a ceding insurer with respect to reinsurance ceded after the effective date an assuming insurer's accreditation has been suspended or revoked, except as provided under Insurance Code § 493.1038. TDI will maintain a list of accredited assuming insurers on the TDI website. The assuming insurer must notify all affected ceding insurers at the time an order is entered that the assuming insurer's accreditation is withdrawn, suspended, or revoked.