| (a) In addition to those NRSROs listed in §7.622(a)(4)(C)
of this title, the Commissioner may determine that additional NRSROs
are acceptable. An applicant must be an NRSRO and demonstrate to the
satisfaction of the Commissioner that the applicant's:
(1) rating structure is reliable and suitable for rating
the solvency of assuming insurers, including not less than five years'
experience in rating insurers engaged primarily in assuming insurance
from United States domiciled ceding insurers;
(2) financial strength ratings are based on interactive
communication between the NRSRO and the assuming insurer and must
not be based solely on publicly available information; and
(3) ratings correlate to the rating structure and security
levels shown in Figure: 28 TAC §7.622(b)(1)(A) of this title.
(b) The applicant must submit an application with TDI
demonstrating that the applicant meets the requirements listed in
subsection (a) of this section. On receipt of the application, TDI
will post notice of the application, 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 will take final action on the application.
(c) If the Commissioner determines that the applicant
qualifies to be an acceptable NRSRO, TDI will, on its website:
(1) list the applicant with other acceptable NRSROs;
and
(2) add applicant's rating structures and security
table to those shown in Figure: 28 TAC §7.622(b)(1)(A).
(d) The Commissioner may withdraw recognition of an
NRSRO that has been determined to be acceptable under this section
if the Commissioner determines that the NRSRO no longer meets the
requirements of this section.
|
