ARM 6.6.3905. REINSURANCE CONTRACTS AS SECURITY

(1) Credit will not be granted to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of these rules or otherwise in compliance with 33-2-1216, MCA, after the adoption of this rule, unless the reinsurance agreement: (a) Includes a clause which requires that the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding insurer without diminution because of the insolvency of the ceding insurer; and (b) Includes a provision whereby the assuming insurer, if an unauthorized assuming insurer, has submitted to the jurisdiction of an alternative dispute resolution panel or court of competent jurisdiction within the United States, and has agreed to comply with all requirements necessary to give such court or panel jurisdiction, has designated an agent upon whom service of process may be effected, and has agreed to abide by the final decision of such court or panel.