1. (1) Pursuant to ORS 731.509(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:

   1. (a) Is domiciled in a state employing standards regarding credit for reinsurance that equal or exceed those applicable under ORS 731.509 to 731.511 and OAR 836-012-0000 to 836-012-0110 or, in the case of a U.S. branch of an alien assuming insurer, is entered through a state employing such standards;
   2. (b) Maintains capital and surplus in an amount not less than $20,000,000; and
   3. (c) Files a properly executed Form AR-1 (Exhibit 1, OAR 836-012-0000) with the director as evidence of its submission to this state's authority to examine its books and records.
2. (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.

Statutory/Other Authority

ORS 731.508 - 731.511 & 731.244

Statutes/Other Implemented

ORS 731.508 - 731.511 & Or Laws 2019, ch 151

History

ID 13-2019, amend filed 12/19/2019, effective 01/01/2020
ID 22-2002, f. & cert. ef. 11-27-02
ID 15-1996, f. & cert. ef. 11-12-96
ID 8-1993, f. & cert. ef. 9-23-93