§ 23-62-308 — Rules

(a) The Insurance Commissioner may adopt rules implementing this subchapter. (b) The Insurance Commissioner may adopt rules: (1) Applicable to a reinsurance arrangement that relates to: (A) A life insurance policy with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits; (B) A universal life insurance policy with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period; (C) A variable annuity with guaranteed death or living benefits; (D) A long-term care insurance policy; or (E) A life or health insurance or annuity product for which the National Association of Insurance Commissioners adopts model regulatory requirements with respect to credit for reinsurance; (2) Applicable to a rule adopted under this section that may apply to a treaty containing: (A) A policy issued on or after January 1, 2015; or (B) A policy issued before January 1, 2015, if risk pertaining to the policy is ceded in connection with the treaty on or after January 1, 2015; and (3) That require a ceding insurer to calculate the amounts or forms of security according to rules promulgated by the Insurance Commissioner. (c) A rule adopted under this section shall not apply to cessions of an assuming insurer: (1) That: (A) Meets the conditions in § 23-62-305(f) ; (B) Is certified in this state; or (C) Maintains at least two hundred fifty million dollars ($250,000,000) in capital and surplus as determined according to the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, as it existed on January 1, 2021, and as adopted by the Insurance Commissioner by rule, excluding the impact of any permitted or prescribed practice; and (2) That is licensed in at least: (A) Twenty-six (26) states; or (B) Ten (10) states, and licensed or accredited in a total of thirty-five (35) states. (d) This section does not limit the general authority of the Insurance Commissioner to promulgate rules.

Legislative History

Amended by Act 2021, No. 672,§ 3, eff. 7/1/2021. Amended by Act 2015, No. 1223,§ 4, eff. 7/22/2015, applicable to cessation under reinsurance agreements issued, renewed, or amended on or after six (6) months after the effective date of this act. Acts 1991, No. 723, § 14.