The rule states that the lead state commissioner might grant an exemption the place an insurance coverage holding firm system meets all listed standards. This contains having annual direct written and unaffiliated assumed premium (together with worldwide direct and assumed premium), excluding premiums reinsured with the Federal Crop Insurance coverage Company and Federal Flood Program, of lower than $1,000,000,000; having no insurers domiciled outdoors america or its territories; having no banking, depository, or different monetary entity topic to an recognized regulatory capital framework; and testifying that there are not any materials adjustments in transactions between insurers and non-insurers and that non-insurers don’t pose a cloth monetary threat to the insurer’s capacity to honor policyholder obligations. The identical sub-$1,000,000,000 premium threshold and associated structural attestations additionally anchor the rule’s provision permitting the lead state commissioner to just accept a restricted group capital submitting in lieu of the complete group capital calculation, topic to the extra listed standards.
