1. (a) The director will allow credit for reinsurance ceded by a domestic insurer to an authorized assuming insurer that meets the requirements of AS 21.12.020(a)(3) on or before the as of date of the ceding insurer's statutory financial statement if the authorized assuming insurer

   1. (1) 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 AS 21.12.020;
   2. (2) maintains a surplus as regards policyholders in an amount not less than $20,000,000; and
   3. (3) files a properly executed Form AR-1 with the director as evidence of its submission to this state's authority to examine its books and records.
2. (b) 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" means credit for reinsurance standards that the director determines equal or exceed the standards of AS 21.12.020 and 3 AAC 21.600 - 3 AAC 21.695.

(Eff. 11/21/2004, Register 172; am 12/26/2019, Register 232)