OAR 836-012-0031
Credit for Reinsurance — Reinsurer Domiciled and Licensed in Another State

(1)

Pursuant to ORS 731.509 (Legislative intent)(6), the director 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 a state employing standards regarding credit for reinsurance that equal or exceed those applicable under ORS 731.509 (Legislative intent) to 731.511 (Criteria to be met by assuming insurer in order to be accredited as reinsurer) and OAR 836-012-0000 (Director’s Authority) to 836-012-0110 (Contracts Affected) or, in the case of a U.S. branch of an alien assuming insurer, is entered through a state employing such standards;

(b)

Maintains capital and surplus in an amount not less than $20,000,000; and

(c)

Files a properly executed Form AR-1 (Exhibit 1, OAR 836-012-0000 (Director’s Authority)) with the director 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 do 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 director determines equal or exceed the standards of the Act and this regulation.

Source: Rule 836-012-0031 — Credit for Reinsurance — Reinsurer Domiciled and Licensed in Another State, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-012-0031.

Last Updated

Jun. 8, 2021

Rule 836-012-0031’s source at or​.us