40-2,159. Reports on a nonconsolidated basis; exception.
40-2,159
40-2,159. Reports on a nonconsolidated basis; exception.Insurers are required to report all material acquisitions anddispositions of assets and all material nonrenewals, cancellations or revisionsof ceded reinsurance agreements on a nonconsolidated basis unless the insureris part of a consolidated group of insurers which utilizes a poolingarrangement or 100% reinsurance agreement that affects the solvency andintegrity of the insurer's reserves and the insurer ceded substantially all ofits direct and assumed business to the pool. An insurer is deemed to haveceded substantially all of its direct and assumed business to a pool if theinsurer has less than $1,000,000 total direct plus assumed written premiumsduring a calendar year that are not subject to a pooling arrangement and thenet income of the business not subject to the pooling arrangement representsless than 5% of the insurer's capital and surplus.
History: L. 1994, ch. 89, § 4; July 1.