69O-144.005. Credit for Reinsurance; Accredited Reinsurers

(1) Credit for reinsurance by a domestic insurer shall be allowed when the reinsurance is ceded to an assuming insurer that is accredited as a reinsurer in this state pursuant to Section 624.610(3)(b), F.S., and the rules of this chapter, as of any date on which statutory financial statement credit for reinsurance is claimed.

(2) Application and documentation requirements. An assuming insurer seeking accredited reinsurer status in this state pursuant to Section 624.610(3)(b), F.S., must file an application with the Office in accordance with paragraph 69O-144.002(2)(a), F.A.C. The application must include documentation that the assuming insurer:

(a) Submits to this state’s jurisdiction and to this state’s authority to examine its books and records, via a properly executed Form OIR-C1-1464, “Florida Certificate of Assuming Insurer,” which is incorporated by reference in subparagraph 144.002(2)(a)5., F.A.C.;

(b) Is licensed or authorized to transact insurance or reinsurance in at least one state; or in the case of a U.S. branch of an alien assuming insurer, is entered through at least one state, or is licensed or authorized to transact insurance or reinsurance in at least one state; and,

(c) Maintains a surplus as regards policyholders in an amount not less than $20 million.

(3) Pursuant to Section 624.610(3)(b), F.S., an assuming reinsurer that meets the requirements of subsection (2) of this rule shall be considered accredited if either:

(a) The Office approves the assuming insurer’s accreditation application; or

(b) The Office does not deny the assuming insurer’s accreditation application within ninety (90) days of the application date.

(4) Accreditation renewal requirements. An assuming insurer seeking to maintain its accreditation in this state must file the appropriate documentation with the Office, in accordance with paragraph 69O-144.002(2)(b), F.A.C.

(5) The Office shall follow the procedures and standards in Section 624.610(3)(b)2., F.S., when determining whether to approve or deny the assuming insurer’s application for accreditation, and when determining whether to maintain or revoke an accredited reinsurer’s accreditation.

Rulemaking Authority 624.308(1), 624.610(4), (15) FS. Law Implemented 624.307(1), 624.610 FS. History–New 1-30-91, Formerly 4-108.005, Amended 12-25-97, 10-13-02, Formerly 4-144-005, Amended 9-14-06, 7-28-15, 9-13-22.