Accreditation of reinsurers.

Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is accredited by the superintendent as a reinsurer in this state. To be eligible for accreditation, a reinsurer shall: A. file with the superintendent evidence of its submission to the state's jurisdiction; B. submit to the superintendent's authority to examine its books and records; C. be licensed to transact insurance or reinsurance in at least one state, or in the case of a United States branch of an alien assuming insurer, be entered through and licensed to transact insurance or reinsurance in at least one state; D. file annually with the superintendent a copy of its annual statement filed with the insurance department of its state of domicile and a copy of its most recent audited financial statement; and E. demonstrate to the satisfaction of the superintendent that it has adequate financial capacity to meet its reinsurance obligations and is otherwise qualified to assume reinsurance from domestic insurers, provided that an assuming insurer is deemed to meet this requirement as of the time of its application if it maintains a surplus as regards policyholders in an amount not less than twenty million dollars ($20,000,000) and its accreditation has not been denied by the superintendent within ninety days after submission of its application.