Title 08, Banking and Insurance

§ 6048h. Securities (a) A special purpose financial insurance company may: (1) subject to the prior approval of the Commissioner, account for the proceeds of a surplus note issued by the special purpose financial insurance company as surplus; and (2) submit for prior approval of …

§ 6048i. Permitted reinsurance (a) A special purpose financial insurance company may reinsure only the risks of a ceding insurer, pursuant to a reinsurance contract. A special purpose financial insurance company may not issue a contract of insurance or a contract for assumption o…

§ 6048j. Disposition of assets; investments (a) The assets of a special purpose financial insurance company shall be preserved and administered by or on behalf of the special purpose financial insurance company to satisfy the liabilities and obligations of the special purpose fin…

§ 6048k. Annual report; books and records (a) For purposes of subsection 6007(b) of this chapter: (1) the Commissioner shall, by rule or order, establish the form and content of the annual report to be filed by a special purpose financial insurance company; and (2) a special purp…

§ 6048l. License suspension and revocation (a) The Commissioner shall notify a special purpose financial insurance company not less than 30 days before suspending or revoking its license pursuant to section 6009 of this chapter, which notice shall state the basis for such suspens…

§ 6048m. Delinquency (a) Except as otherwise provided in this section, the provisions of chapter 145 of this title shall apply in full to a special purpose financial insurance company. (b) Upon any order of supervision, rehabilitation, or liquidation of a special purpose financia…

§ 6048n. Sponsored captives In addition to the provisions of sections 6048a-6048m of this subchapter, the provisions of this section shall apply to any sponsored captive insurance company licensed as a special purpose financial insurance company pursuant to this subchapter. (1) A…

§ 6048o. Confidentiality (a) Subdivision 6002(c)(3) and subsection 6008(c) of this title shall apply to all documents, materials, or other information, including examination reports, preliminary examination reports or results, working papers, recorded information, and copies ther…

§ 6049a. Applicable law (a) An affiliated reinsurance company shall be subject to the provisions of this subchapter and to the provisions of subchapter 1 of this chapter. In the event of any conflict between the provisions of this subchapter and the provisions of subchapter 1 of …

§ 6049b. Definitions As used in this subchapter: (1) “Affiliated reinsurance company” means a company licensed by the Commissioner pursuant to this subchapter to reinsure risks ceded by one or more ceding insurers that are affiliated companies. Subject to the prior approval of th…

§ 6049c. Licensing; authority (a) An affiliated reinsurance company shall only reinsure the risks of a ceding insurer. An affiliated reinsurance company may cede the risks assumed under a reinsurance contract to another reinsurer, subject to the prior approval of the Commissioner…

§ 6049d. Formation (a) An affiliated reinsurance company may be incorporated as a stock insurer with its capital divided into shares, or in such other organizational form as may be approved by the Commissioner. (b) An affiliated reinsurance company’s organizational documents shal…

§ 6049e. Minimum capital and surplus An affiliated reinsurance company shall not be issued a license unless it possesses and thereafter maintains unimpaired paid-in capital and surplus of not less than $5,000,000.00. The Commissioner may prescribe additional capital and surplus b…

§ 6049f. Permitted reinsurance (a) An affiliated reinsurance company shall only reinsure the risks of a ceding insurer, pursuant to a reinsurance contract. An affiliated reinsurance company shall not issue a contract of insurance or a contract for assumption of risk or indemnific…

§ 6049g. Disposition of assets; investments (a) The assets of an affiliated reinsurance company shall be preserved and administered by or on behalf of the affiliated reinsurance company to satisfy the liabilities and obligations of the affiliated reinsurance company incident to t…

§ 6049h. Annual report; books and records (a) For the purposes of subsection 6007(b) of this chapter: (1) Each affiliated reinsurance company shall file its report in the form required by subsection 3561(a) of this title, and each affiliated reinsurance company shall comply with …

§ 6049i. Insurance holding company systems Except as otherwise provided in this section, the provisions of chapter 101, subchapter 13 of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)

§ 6049j. Corporate governance; disclosure Except as otherwise provided in this section, the provisions of section 3316 of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.)

§ 6049k. Own risk and solvency assessment Except as otherwise provided in this section, the provisions of chapter 101, subchapter 7A (own risk and solvency assessment) of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), § 10.…

§ 6049l. Requirements for actuarial opinions Except as otherwise provided in this section, the provisions of chapter 101, section 3577 (requirements for actuarial opinions) of this title shall apply in full to an affiliated reinsurance company. (Added 2017, No. 134 (Adj. Sess.), …

§ 6049m. Confidentiality (a) Subdivision 6002(c)(3) of this title and subsection 6008(c) of this title shall apply to all documents, materials, and other information, including confidential and privileged documents, examination reports, preliminary examination reports or results,…