The rule states that the lead state commissioner may grant an exemption where an insurance holding company system meets all listed criteria. This includes having annual direct written and unaffiliated assumed premium (including international direct and assumed premium), excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of less than $1,000,000,000; having no insurers domiciled outside the United States or its territories; having no banking, depository, or other financial entity subject to an identified regulatory capital framework; and attesting that there are no material changes in transactions between insurers and non-insurers and that non-insurers do not pose a material financial risk to the insurer’s ability to honor policyholder obligations. The same sub-$1,000,000,000 premium threshold and related structural attestations also anchor the rule’s provision allowing the lead state commissioner to accept a limited group capital filing in lieu of the full group capital calculation, subject to the additional listed criteria.
Alabama adopts group capital calculation exemption and limited filing options
By Awais
