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§ 27-3-4

§ 21.09.270

§ 20-230

Ark. Code Ann. § 23-63-202

The wholly owned subsidiary of an insurance company admitted and authorized to do business in the State of Arkansas.

The continuing corporation resulting from a merger or consolidation of insurance companies, at least one (1) of which has been organized and actively engaged in the insurance business in the state of its organization for at least three (3) years prior to the date of the application.

CA
(9/04)

CO
(5/04)

CT
(5/04)

DE
(5/04)

DC
(9/04)

*FL
(5/04)

GA
(5/04)

HI
(7/15)

§ 431:3-203 to
431:3-203.5

ID
(5/04)

IL
(9/17)

IN
(5/04)

IA
(5/04)

§ 191 IAC 5.2

Wholly owned subsidiaries of currently licensed insurance companies.

KS
(1/15)

KY
(5/04)

LA
(9/11)

ME
(5/04)

Potential waivers are explicitly provided in Reg. 231(3)(E)(2) through (4).

MD
(4/05)

MA
(5/04)

The goal of the Division regarding “seasoning” is to protect the insurance buying residents of the Commonwealth.  While there is a specific seasoning requirement for Life companies (MGL Chapter 175 §153) there are several references to seasoning that range from 1 year to 10 years for Property and Casualty  As such, we have the following rules that we use when addressing this issue:
1.)    Has the applicant company been writing the line (s) of insurance requested in their state of domicile for at least three years?
Or
2.)    Has the applicant company been writing the line (s) of insurance requested in any state for at least three years?
Or
3.)    Is the applicant company a direct subsidiary of any company licensed in Massachusetts that would satisfy 1.) or 2.) and they have shared management teams?
If there are any other scenarios present that the applicant company would like the Division to consider, contact the Division prior to submitting an application.

MI
(5/04)

MN
(10/04)

1) Writing direct business in state of domicile.
2) Direct written premiums for 2 years in lines of business applied for.

Commissioner may consider waiver if:
1)  Applicant’s parent is admitted in MN and presents no solvency concerns;
2)  Applicant provides services that are underserved in MN;
or
3) Applicant is wholly-owned subsidiary of a seasoned, well capitalized parent.

MS
(5/04)

The Commissioner of Insurance may waive this requirement upon a written request by the applicant and a finding that the applicant meets the following criteria:
(i) The company provides a service that is considered underserved in the state;
(ii) The company has adequate capital and surplus; and
(iii) The company possesses significant management and business experience in its respective line of business.

MO
(5/04)

MT
(5/04)

No

NE
(5/04)

No

NV
(5/04)

Per Commissioners discretion.

NH
(5/04)

Commissioner may waive at the request of the insurer.  The commissioner will consider:

1. Whether the applicant is a wholly owned subsidiary;
2. Whether the applicant is a continuation of a merger;
3. Whether the applicant has affiliates licensed and doing business in NH; and
4. Whether the company provides services that are underserved in the state.

NJ
(07/12)

Reg. N.J.A.C. 11:1-10.4 (P&C)

Reg. N.J.A.C. 11:2-1.4 (L&H)

3 years (P&C)

5 years (L&H)

P&C:  Commissioner may waive at the request of the insurer.  The Commissioner will consider:

1.   Whether the applicant is a wholly owned subsidiary;
2.   Whether the applicant is a continuation of a merger;
3.   Whether the applicant obtains a surety bond;
4.   Whether the company provides services that are underserved in the state;
5.   Whether the Commissioner finds that admission of the applicant would assist the Commissioner in helping to prevent or ameliorate disruptions in the property/casualty insurance market.

L&H:  See Regulation

NY
(7/11)

Superintendent may waive the requirement.

NC
(5/04)

No

ND
(5/04)

Per Commissioners discretion.

OH
(5/04)

No

OK
(1/15)

OR
(5/04)

PA
(5/11)

PR
(11/13)

L.P.R.A. § 304

L.P.R.A. § 318  

‘’In the case of a foreign insurer, be organized and continuously active for a term not less than five years immediately preceding the date of the application; Provided, That compliance with such requirement shall not be binding to subsidiaries wholly owned by authorized insured operating in Puerto Rico during the five years prior to the date on which the subsidiary applied for admission.’’

‘’If upon application by an insurer the Commissioner finds that the insurer has met the requirements for and is entitled thereto under this title, he shall issue to the insurer a proper certificate of authority showing the kind or kinds of insurance the insurer is authorized to transact in Puerto Rico. If the Commissioner finds otherwise, he shall deny the authority within a reasonable period following completion by the insurer of the application therefore.’’

RI
(5/04)

SC
(10/09)

Applicant has continuously and actively transacted an insurance business for at least three years immediately prior to making application.

SD
(5/04)

TN
(5/04)

TX
(5/04)

I.C. art. 21.46
(Repealed eff. 4/1/05)

UT
(5/04)

VT
(5/04)

Commissioner has authority to waive criteria if the applicant’s parent or affiliate is profitability writing the coverage(s) proposed by the applicant and a valid reason can be demonstrated.

VI
(5/04)

May waive if possesses sufficient capital or surplus funds.

VA
(5/04)

VA Administrative Letter 2002-7
§ 38.2-1024B

WA
(9/17)

WV
(5/04)

WI
(5/04)

§ 618.21

Reg. § INS 6.01

2 years

If seeking license during first 5 years, must have initial expendable surplus that the commissioner considers “adequate.”

No application of a foreign company will be considered until it has been in business at least 2 years.

WY
(5/04)