Texas Insurance Code
§ 493.1036 — REQUIREMENTS FOR CERTIFIED REINSURER
IN § 493.1036Title 4. REGULATION OF SOLVENCY · Part F. REINSURANCE · Ch. 493. AUTHORIZED REINSURANCE; CREDIT AND ACCOUNTING · Art. C. CREDIT FOR REINSURANCE
Statute text
View on source(a)The commissioner shall assign a rating to each certified reinsurer after giving due consideration to the financial strength ratings assigned by rating agencies recognized by the commissioner by rule.
(b)The commissioner shall publish a list of the ratings assigned under this section for all certified reinsurers.
(c)A certified reinsurer shall secure obligations assumed from ceding insurers domiciled in the United States in accordance with the rating assigned by the commissioner under Subsection (a) and with the amount of security required by the commissioner by rule.
(d)For a domestic ceding insurer to qualify for full financial statement credit for reinsurance ceded to a certified reinsurer, the certified reinsurer must maintain security:
(1)in a form acceptable to the commissioner and consistent with the insurance laws of this state; or
(2)in a multibeneficiary trust in accordance with Subchapter D, except as otherwise provided.
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Legislative history
Added by Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 2.05, eff. September 1, 2017.