[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR223.12]

[Page 69-70]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 223--SURETY COMPANIES DOING BUSINESS WITH THE UNITED STATES--Table of Contents
 
Sec. 223.12  Recognition as reinsurer.

    (a) Application by U.S. company. Any company organized under the 
laws of the United States or of any State thereof, wishing to apply for 
recognition as an admitted reinsurer (except on excess risks running to 
the United States) of surety companies doing business with the United 
States, shall file the following data with the Assistant Comptroller for 
Auditing and shall transmit therewith the fee in accordance with the 
provisions of Sec. 223.22(a)(2):
    (1) A certified copy of its charter or articles of incorporation, 
and
    (2) A certified copy of a license from any State in which it has 
been authorized to do business, and
    (3) A copy of the latest available report of its examination by a 
State Insurance Department, and
    (4) A statement of its financial condition, as of the close of the 
preceding calendar year, on the annual statement form of the National 
Association of Insurance Commissioners, signed and sworn to by two 
qualified officers of the company, showing that it has a capital stock 
paid up in cash of not less than $250,000, in the case of a stock 
insurance company, or has net assets of not less than $500,000 over and 
above all liabilities, in the case of a mutual insurance company, and
    (5) Such other evidence as the Secretary of the Treasury may 
determine necessary to establish that it is solvent and able to keep and 
perform its contracts.
    (b) Application by a U.S. branch. A U.S. branch of an alien company 
applying for such recognition shall file the following data with the 
Assistant Commissioner, Comptroller and shall transmit therewith the fee 
in accordance with the provisions of Sec. 223.22(a)(2):
    (1) The submissions listed in paragraphs (a) (1) through (5) of this 
section, except that the financial statement of such branch shall show 
that it has net assets of not less than $250,000 over and above all 
liabilities, and
    (2) Evidence satisfactory to the Secretary of the Treasury to 
establish that it has on deposit in the United States not less than 
$250,000 available to its policyholders and creditors in the United 
States.
    (c) Financial reports. Each company recognized as an admitted 
reinsurer shall file with the Assistant Commissioner, Comptroller on or 
before the

[[Page 70]]

first day of March of each year its financial statement and such 
additional evidence as the Secretary of the Treasury determines 
necessary to establish that the requirements of this section are being 
met. A fee shall be transmitted with the foregoing data, in accordance 
with the provisions of Sec. 223.22(a)(4).

[34 FR 20189, Dec. 24, 1969, as amended at 37 FR 1232, Jan. 27, 1972; 40 
FR 6499, Feb. 12, 1975; 43 FR 12678, Mar. 27, 1978; 49 FR 47002, Nov. 
30, 1984]