6.6.3842    CERTIFICATION OF ASSUMING INSURERS - INITIAL CERTIFICATION PROCEDURE

(1) The assuming insurer must submit an Application for Credit for Reinsurance and a properly executed Form CR-1. The forms and directions are found on the web site maintained by the commissioner.

(2) The commissioner shall post notice on the department web site promptly upon receipt of any application for credit for reinsurance involving certification pursuant to 33-2-1216(5)(e), MCA. The web site must include instructions on how members of the public may respond to the application. The commissioner may not take final action on the application until at least 30 days after posting the notice required by this paragraph.

(3) Upon the initial certification, the assuming insurer shall submit audited financial statements for the last three years filed with the assuming insurer's supervisor.

 

History: 33-1-313, 33-2-1517, MCA; IMP, 33-2-1216, MCA; NEW, 2016 MAR p. 2186, Eff. 11/26/16.