As provided in section 7 of this chapter, credit shall be allowed a domestic ceding insurer when the reinsurance is ceded to an assuming insurer:

1. (1) that:

   1. (A) is domiciled in; or

   2. (B) 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 this chapter;

2. (2) that:

   1. (A) maintains a surplus as regards policyholders in an amount not less than twenty million dollars ($20,000,000); and

   2. (B) submits to the authority of Indiana to examine the insurer's books and records;

      provided, however, that the requirement of clause (A) does not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system; and

3. (3) that complies with section 12 of this chapter.

As added by P.L.116-1994, SEC.54. Amended by P.L.81-2012, SEC.27.