| (a) If the Commissioner determines that the jurisdiction
qualifies to be recognized as a qualified jurisdiction under Insurance
Code §493.1035 and this section, the Commissioner will publish
notice of such recognition on the TDI website. The Commissioner may
suspend recognition of a jurisdiction that is no longer qualified
and will provide notice of the suspension on the TDI website.
(b) The Commissioner will evaluate the reinsurance
supervisory system of the non-United States jurisdiction and determine
whether the jurisdiction is eligible to be recognized as a qualified
jurisdiction, both initially and on an ongoing basis. The Commissioner
must consider the rights, benefits, and the extent of reciprocal recognition
afforded by the non-United States jurisdiction to assuming insurers
licensed and domiciled in the United States. A qualified jurisdiction
must agree to share information and cooperate with the Commissioner
with respect to all certified assuming insurers domiciled within that
jurisdiction. A jurisdiction may not be considered to be a qualified
jurisdiction if the Commissioner has determined that it does not adequately
and promptly enforce final United States judgments or arbitration
awards. The Commissioner may, in the Commissioner's discretion, consider
additional factors in determining whether to recognize a qualified
jurisdiction, including:
(1) the framework under which the assuming insurer
is regulated;
(2) the structure and authority of the domiciliary
regulator with regard to solvency regulation requirements and financial
surveillance;
(3) the substance of financial and operating standards
for assuming insurers in the domiciliary jurisdiction;
(4) the form and substance of financial reports required
to be filed or made publicly available by assuming insurers in the
domiciliary jurisdiction and the accounting principles used;
(5) the domiciliary regulator's willingness to cooperate
with United States regulators in general and the Commissioner in particular;
(6) the history of performance by assuming insurers
in the domiciliary jurisdiction;
(7) any relevant international standards or guidance
with respect to mutual recognition of reinsurance supervision adopted
by the International Association of Insurance Supervisors or successor
organization; and
(8) any other matters deemed relevant by the Commissioner.
(c) The Commissioner will consider the list of qualified
jurisdictions published through the NAIC Committee Process in developing
a list of qualified jurisdictions. If the Commissioner includes a
jurisdiction as qualified that does not appear on the NAIC list of
qualified jurisdictions, the Commissioner will provide documented
justification for the approval with respect to the criteria provided
under subsection (b) of this section.
(d) A United States jurisdiction that meets the requirements
for accreditation under the NAIC financial standards and accreditation
program will be deemed to be a qualified jurisdiction in accordance
with Insurance Code §493.1035(f) and included on the list.
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