- (1) Credit is allowed for reinsurance ceded by a domestic insurer to an assuming insurer as of any date a ceding insurer claims reinsurance credit in a statutory financial statement.
(2) Credit is allowed when the assuming insurer:
- (a) is domiciled in, or in the case of a U.S. branch of an alien assuming insurer, is entered through a state that employs standards regarding credit for reinsurance that is equal to or exceeds those applicable under law;
- (b) maintains a surplus regarding policyholders in an amount not less than $20 million; and
- (c) files with the commissioner a completed Form AR-1, available on the department's website, https://insurance.utah.gov, evidencing its submission to Utah's authority to examine its books and records.
- (3) Subsection (2)(b) does not apply to reinsurance ceded and assumed under a pooling arrangement among insurers in the same holding company system.
KEY: insurance
Date of Last Change: July 29, 2022
Notice of Continuation: June 21, 2022
Authorizing, and Implemented or Interpreted Law: 31A-2-201