Form E-Afr.ohe - Audited Financial Report - Affidavit - 2015 Page 2
Download a blank fillable Form E-Afr.ohe - Audited Financial Report - Affidavit - 2015 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form E-Afr.ohe - Audited Financial Report - Affidavit - 2015 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3GUIDELINES FOR
STANDARDIZED ORGANIZATIONAL HARDSHIP EXEMPTION
The following are the criteria for a standardized organizational hardship exemption for Arizona domestic
reinsurers¹.
1.
You are a reinsurer holding a certificate of authority in the State of Arizona only; and
2.
You comply with the provisions of items 3 through 6 with respect to each reinsurance contract
and ceding insurer; and
3.
A trust account or custodial account is established with a qualified financial institution located in
the United States which is organized under the laws of the United States or any State of the
United States that has been granted authority to operate with fiduciary powers, in which assets
equal to the net reserve credit taken by the ceding insurer for the business ceded are deposited
or, in the alternative, the reinsurance agreement provides that funds will be withheld by the
ceding insurer; and
4.
The trust account or custodial account requires only the ceding insurer's (direct writer's)
signature in order to withdraw funds and/or to pay claims, provided however, that with the
approval of the ceding insurer, funds may be withdrawn by the assuming reinsurer providing
that, after the withdrawal, the market value of assets in the trust account or custodial account
shall be no less than 102 percent of the net reserves for the business ceded; and
5.
You have obtained from the bank, as custodian or trustee, a verification and listing of assets
held in a trust or custodial account for the purposes described in A.R.S. § 20-1092 as of the
calendar year end for which the exemption is requested, and
6.
You have not assumed gross premiums of more than five million dollars in the calendar year for
which the exemption is requested and you are not otherwise required to file an audited financial
report on the basis of direct premiums.
¹
For purposes of these Guidelines, a "reinsurer" means you had direct ARIZONA
premiums written of less than $1,000,000 and assumed premiums pursuant to contracts
and/or treaties of reinsurance of $1,000,000 or more for the calendar year of your
application.
E-AFR.OHE (3/25/2015)
Page 2 of 3
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Legal