Reinsurance ceded to assuming alien insurer.
1. Except as otherwise provided in subsection 2, credit must be allowed if reinsurance is ceded to an assuming insurer which is domiciled and licensed in, or in the case of a branch in the United States of an alien assuming insurer is entered through, a state which employs standards regarding credit for reinsurance substantially similar to those applicable under this chapter and the assuming insurer or branch in the United States of an alien assuming insurer:
(a) Maintains a surplus as regards policyholders in an amount not less than $20,000,000; and
(b) Submits to the authority of this state to examine its books and records.
2. The requirement of paragraph (a) of subsection 1 does not apply to reinsurance ceded and assumed pursuant to pooling among insurers affiliated with the same holding company.
Last modified: February 27, 2006