R590-173-6. Credit for Reinsurance -- Reinsurer Domiciled in Another State

(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.