| (a) An assuming insurer that has been certified as
an assuming insurer in an NAIC-accredited jurisdiction may apply for
certification in Texas under this section. A certification issued
under this section is valid for the following calendar year. To continue
the certification, the certified assuming insurer must reapply to
TDI on or before July 1 of the year that the certification expires.
The certified assuming insurer applicant must submit:
(1) Form CR-1 as required under §7.622(c) of this
title;
(2) all information required under §7.622(d) of
this title that is not available to TDI from the certifying jurisdiction;
and
(3) when prepared a copy of the approval letter or
other documentation provided to the applicant by an accredited jurisdiction,
confirming the following information:
(A) the name of all states in which applicant is currently
certified;
(B) the rating and collateral percentage assigned by
the accredited jurisdiction with respect to the applicant;
(C) the effective and expiration dates with respect
to the certification;
(D) the lines of business to which the certification
is applicable; and
(E) the applicant's commitment to comply with all requirements
necessary to maintain certification;
(b) Following receipt of a certification application,
TDI will post on the TDI website notice of the application and instructions
on how the public may respond to or comment on the application. The
notice will remain posted on the website for at least 30 days before
the Commissioner takes final action on the application.
(c) If the Commissioner makes a determination to accept
another jurisdiction's certification and rating under this subsection,
the assuming insurer will be considered to be a certified assuming
insurer in this state. The Commissioner may also certify the assuming
insurer and assign a rating in accordance with Insurance Code §493.1036
and §7.622 of this title.
(d) Any change in the certified assuming insurer's
rating in another jurisdiction will apply in this state as of the
date it takes effect in the other jurisdiction without the necessity
for further action of the Commissioner. The change will be effective
as described in §7.623 of this title. The certified assuming
insurer must notify the Commissioner of any change in its status or
rating within 10 days after receiving notice of the change.
(e) The Commissioner may withdraw recognition of another
jurisdiction's rating at any time and assign a new rating in accordance
with Insurance Code §493.1036 and §7.622 of this title.
(f) The Commissioner may withdraw recognition of another
jurisdiction's certification at any time in accordance with Insurance
Code §493.1038(b) and §7.623 of this title. Unless the Commissioner
suspends or revokes the certified assuming insurer's certification
in accordance with Insurance Code §493.1038 and §7.623 of
this title, the certified assuming insurer's certification will remain
in good standing in this state for a period of 90 days. This period
may be extended if additional time is necessary to consider the assuming
insurer's application for certification in this state, as provided
under Insurance Code §493.1036(h).
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