SECTION 7.1202. Application Process; Notice of Intention

(a) Any authorized life insurance company which, pursuant to the Insurance Code, Article 5.75-1(h), intends to enter into the reinsurance business shall file a notice of intention with the commissioner of insurance for prior approval and shall include each treaty or request to act as a property and casualty reinsurer.

(b) Such notice of intention shall set forth the following items:

(1) the amount of surplus the life insurance company proposes to allocate to the reinsurance program;

(2) the company's proposed plan of operations and budgetary forecast;

(3) the qualifications of the company's staff to engage in reinsurance for property and casualty insurance subject to the provisions of the Insurance Code, Chapter 5;

(4) the company's prior three years' IRIS ratios with an explanation of any unusual results (this information will be considered confidential);

(5) proof that the company's place of domicile authorizes it to engage in such kind of business;

(6) proof, in the case of a foreign or alien life insurance company, that the insurance regulatory authorities of the company's place of domicile have been informed of its intended participation and have not objected to such participation; and

(7) any additional documents or information which the commissioner of insurance or the commissioner's staff has requested to support the proposed entry-transaction and/or compliance with applicable law.

Source Note: The provisions of this §7.1202 adopted to be effective November 3, 1989, 14 TexReg 5625.