6.6.3844    CERTIFICATION OF ASSUMING INSURERS - RECOGNITION OF CERTIFICATION ISSUED BY AN NAIC-ACCREDITED JURISDICTION

(1) An assuming insurer that has submitted a properly executed Form CR-1 and such additional information as the commissioner requires, may request that the commissioner consider the assuming insurer's certification in an NAIC-accredited jurisdiction.

(2) In the event that the commissioner certifies the assuming insurer based on the certification in an NAIC-accredited jurisdiction (hereinafter the other jurisdiction), the following apply:

(a) the certified reinsurer shall notify the commissioner of any change in its certification status or rating in the other jurisdiction within 10 days after receiving notice of the change;

(b) any change in the certified reinsurer's certification status in the other jurisdiction shall apply automatically in this state as of the date it takes effect in the other jurisdiction;

(c) the commissioner may withdraw recognition of the other jurisdiction's certification at any time, with written notice to the certified reinsurer; and

(d) unless the commissioner suspends or revokes the certified reinsurer's certification in accordance with ARM 6.6.3846(1) and (2), the certified reinsurer's certification shall remain in good standing in this state for a period of three months, which shall be extended if additional time is necessary to consider the assuming insurer's application for certification in this state.

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