(a) The Commissioner may adopt rules and regulations implementing the provisions of this chapter.
(b) The Commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in paragraph (1) of this section.
(1) A regulation adopted pursuant to this section may apply only to reinsurance relating to:
(A) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;
(B) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;
(C) Variable annuities with guaranteed death or living benefits;
(D) Long-term care insurance policies; or
(E) Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.
(2) A regulation adopted pursuant to paragraph 1(A) or 1(B) of this section 1446(b), may apply to any treaty containing (i) policies issued on or after January 1, 2015, and/or (ii) policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.
(3) A regulation adopted pursuant to this section 1446(b) may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under section 11B(1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.
(4) A regulation adopted pursuant to this section 548(b) shall not apply to cessions to an assuming insurer that:
(A) Is certified in this territory or, if this territory has not adopted Provisions substantially equivalent to section 2E of the NAIC’s Credit for Reinsurance Model Law, certified in a minimum of five (5) other states; or
(B) Maintains at least $250,000,000 in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices; and is
(i) licensed in at least 26 states; or
(ii) licensed in at least 10 states, and licensed or accredited in a total of at least 35 states.
(5) The authority to adopt regulations pursuant to this section does not limit the Commissioner’s general authority to adopt regulations pursuant to section 548(a) of this law.