Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.659 - Reciprocal Jurisdictions

Current through May 31, 2024
(a) Under
				  AS
				  21.12.020(a)(6), the
				  director will allow credit for reinsurance ceded by a domestic insurer to an
				  assuming insurer that is licensed to write reinsurance by, and has its head
				  office or is domiciled in, a reciprocal jurisdiction, and that meets the other
				  requirements of this section.
(b)
				  In addition to a jurisdiction within the meaning given in
				  AS
				  21.12.020(i)(2)(A) and (B)
				  and designated by the directed under (d) of this section, a reciprocal
				  jurisdiction includes a qualified jurisdiction as determined by the director
				  under AS
				  21.12.020(a)(5)(C) and
				  3 AAC 21.694(n) - (q) that is not
				  otherwise described in
				  AS
				  21.12.020(i)(2)(A) or (B),
				  that is designated by the director under (d) of this section and that director
				  determines meets all of the following additional requirements:
(1) provides that an insurer that has its
				  head office or is domiciled in a qualified jurisdiction shall receive credit
				  for reinsurance ceded to a United States domiciled assuming insurer in the same
				  manner as credit for reinsurance is received for reinsurance assumed by
				  insurers domiciled in a qualified jurisdiction;
(2) does not require United States domiciled
				  assuming insurer to establish or maintain a local presence as a condition for
				  entering into a reinsurance agreement with a ceding insurer subject to
				  regulation by the non United States. jurisdiction or as a condition to allow
				  the ceding insurer to recognize credit for the reinsurance;
(3) recognizes the United States regulatory
				  approach to group supervision and group capital, by providing written
				  confirmation by a competent regulatory authority, in a qualified jurisdiction,
				  that insurers and insurance groups that are domiciled or maintain their
				  headquarters in this state or another jurisdiction accredited by the National
				  Association of Insurance Commissioners shall be subject only to worldwide
				  prudential insurance group supervision including worldwide group governance,
				  solvency and capital, and reporting, as applicable, by the director or the
				  insurance supervisory official of the domiciliary state and will not be subject
				  to group supervision at the level of the worldwide parent undertaking of the
				  insurance or reinsurance group by the qualified jurisdiction; and
(4) provides written confirmation by a
				  competent regulatory authority m a qualified jurisdiction that information
				  regarding insurers and their parent, subsidiary, or affiliated entities, if
				  applicable, shall be provided to the director in accordance with a memorandum
				  of understanding or similar document between the director and a qualified
				  jurisdiction, including the International Association of Insurance Supervisors
				  Multilateral Memorandum of Understanding or other multilateral memoranda of
				  understanding coordinated by the National Association of Insurance
				  Commissioner.