Credit for Reinsurance, Credit for Reinsurance From Eligible Reinsurers

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-144.005Credit for Reinsurance

69O-144.007Credit for Reinsurance From Eligible Reinsurers

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 41 No. 12, January 20, 2015 issue of the Florida Administrative Register.

 

Subparagraph 69O-144.005(3)(a)2.b is revised in part to read:

To designate the Chief Financial Officer, pursuant to s. 48.151, or a designated attorney Director or a person resident in the United States as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the ceding company.

 

Subparagraph 69O-144.005(4)(b)2.a.I. has been revised to read:

In the case of the trust fund for a group including incorporated and individual unincorporated underwriters shall consist of:

(I) For reinsurance ceded under reinsurance agreements with an inception, amendment, or renewal date on or after August 1, 1995, the trust consists of a trusteed account funds in trust in an amount not less than the group’s several liabilities attributable to business ceded by United States U.S. domiciled ceding insurers to any member of the group;

 

Subsection 69O-144.007(3) is revised by changing the first sentence by replacing “or renewed” with “renewed or amended.”

Subsection 69O-144.007(4) is revised by correcting the reference in the chart in cell Vulnerable -6 and S&P on the third line to:B,___B-,

 

Subparagraph 69O-144.007(8)(a)8. is revised to read:

Any information that the Office may reasonably deem appropriate to clarify or explain information submitted with the application.

 

Subparagraph 69O-144.007(8)(h)2. the second sentence is revised to read:

If a U.S. GAPP audit is not reasonably available, the Office may allow the reinsurer to provide audited IFRS basis statements so long as a reconciliation of equity and net income are provided on a U.S. GAPP basis.

 

The remainder of the rule reads as previously published.