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<section article="gin" article_name="Insurance" number="5-908" title_number="5" title_name="Assets, Liabilities, Reserves, and Investments of Insurers" subtitle_number="9" subtitle_name="Reinsurance">
  <level label="a">
    <text>In order to be eligible for certification in accordance with § 5–904(f) of this subtitle, the assuming insurer shall:</text>
    <level label="1">
      <text>be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined under § 5–909 of this subtitle;</text>
    </level>
    <level label="2">
      <text>maintain minimum capital and surplus, or its equivalent, in an amount the Commissioner determines in accordance with regulations the Commissioner adopts;</text>
    </level>
    <level label="3">
      <text>maintain financial strength ratings from two or more rating agencies that the Commissioner considers acceptable in accordance with regulations the Commissioner adopts;</text>
    </level>
    <level label="4">
      <text>agree to submit to the jurisdiction of this State;</text>
    </level>
    <level label="5">
      <text>appoint the Commissioner as its agent for service of process in this State;</text>
    </level>
    <level label="6">
      <text>agree to provide security for all of the assuming insurer’s liabilities attributable to reinsurance ceded by United States ceding insurers if it resists enforcement of a final United States judgment;</text>
    </level>
    <level label="7">
      <text>agree to meet applicable information filing requirements as the Commissioner determines both for the initial application for certification and on an ongoing basis; and</text>
    </level>
    <level label="8">
      <text>satisfy any other requirements for certification that the Commissioner considers relevant.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>A group, including incorporated and individual unincorporated underwriters, may be a certified reinsurer if the group, including incorporated and individual unincorporated underwriters, meets all the requirements of this section.</text>
    </level>
    <level label="2">
      <text>The group shall satisfy its minimum capital and surplus equivalents, net of liabilities, of the group and its members, which shall include a joint central fund that may be applied to any unsatisfied obligation of the group or any of its members, in an amount that the Commissioner determines will provide adequate protection.</text>
    </level>
    <level label="3">
      <text>The incorporated members of the group may not be engaged in any business other than underwriting as a member of the group.</text>
    </level>
    <level label="4">
      <text>The incorporated members of the group shall be subject to the same level of regulation and solvency control by the group’s domiciliary regulator as are the unincorporated members.</text>
    </level>
    <level label="5">
      <text>Within 90 days after its financial statements are due to be filed with the group’s domiciliary regulator, the group shall provide to the Commissioner:</text>
      <level label="i">
        <text>an annual certification by the group’s domiciliary regulator of the solvency of each underwriter member; or</text>
      </level>
      <level label="ii">
        <text>if a certification is unavailable, financial statements, prepared by independent public accountants, of each underwriter member of the group.</text>
      </level>
    </level>
  </level>
</section>
