§ 124.10. Eligible surplus lines insurer filing requirements.

 (a)  A request to consider a foreign nonadmitted insurer for placement on the Department’s eligible surplus lines insurer list shall be made in writing by a surplus lines licensee and shall include the following:

   (1)  Charter. A copy of the charter of the nonadmitted insurer or similar document and any amendments, additions and deletions thereto certified by the corporate secretary of the nonadmitted insurer.

   (2)  Certificate of authority. A copy of the certificate of authority of the insurer or similar document setting forth its authority to issue policies and insure risks in the jurisdiction in which the insurer is incorporated, formed or organized.

   (3)  Financial statement.

     (i)   A copy of the latest annual financial report or statement of the insurer signed by the officers of the insurer and filed with the insurance regulatory authority or other governmental authority in the jurisdiction in which the insurer is incorporated, formed or organized. The copy shall include all supplemental reports, exhibits and schedules required as part of the annual statement filing and shall be certified as provided under section 1605(3) of the act (40 P. S. §  991.1605(3)).

     (ii)   A copy of each subsequent quarterly financial report or statement of the insurer signed by the officers of the insurer and filed with the insurance regulatory authority or other governmental authority in the jurisdiction in which the insurer is incorporated, formed or organized.

   (4)  Report of examination. A copy of the most recent report of examination of the insurer conducted by the insurance regulatory authority or similar governmental authority requiring the examination and certified by the proper official of that authority.

   (5)  Biographical information. Biographical data for each officer, director, person in managerial control, and like individual on a form provided by the Department.

   (6)  Kind of insurance. A written statement by an officer of the insurer identifying the kinds of insurance coverages the insurer intends to write and the types of risks the insurer intends to insure in this Commonwealth.

   (7)  Designee for service of process. A written designation of the name of the individual employed by the insurer or other appropriate representative to whom all lawful process shall be mailed. The designee shall maintain a legal residence, domicile or office in the United States.

   (8)  Additional information. Additional information as may be required by the Commissioner to determine whether the insurer meets the standards and requirements of the act and this chapter.

 (b)  After placement on the eligible surplus lines insurer list, a foreign insurer shall submit to the Department through a surplus lines licensee:

   (1)  Changes or additions, or both, to the information in subsection (a)(7) within 10-calendar days of the occurrence.

   (2)  Changes or additions, or both, to the information in subsection (a)(1) and (5) within 30-calendar days of the occurrence.

   (3)  A certified copy of the information in subsection (a)(3)(i) within 30-calendar days after the date required for filing in its domiciliary jurisdiction. A copy of the information in subsection (a)(2) shall accompany the filing.

   (4)  A copy of the information in subsection (a)(3)(ii) within 45-calendar days from the close of the quarter for which the report is prepared.

   (5)  A certified copy of the information in subsection (a)(4) within 30-calendar days of the date it became a public document.

   (6)  Additional items as may be required by the Commissioner to determine whether the insurer continues to meet the standards under the act.

 (c)  A request to consider an alien nonadmitted insurer for placement on the Department’s eligible surplus lines insurer list shall be made in writing by a surplus lines licensee and shall include the following:

   (1)  Charter. A copy of the charter of the insurer or similar document and any amendments, additions and deletions thereto certified by the corporate secretary of the insurer.

   (2)  Certificate of authority. A copy of the certificate of authority of the insurer or similar document setting forth its authority to issue policies and insure risks in the jurisdiction in which the insurer is incorporated, formed or organized.

   (3)  Annual financial statement.

     (i)   Two copies of the latest annual financial report of the insurer signed by the officers of the insurer and filed with the insurance regulatory authority or other governmental authority in the jurisdiction in which the insurer is incorporated, formed or organized. One copy of the financial report or statement shall be expressed in language and currency of the place of incorporation, formation or organization of the insurer and the other copy prepared and expressed in the English language and United States currency at the current rate of exchange as of the statement date. Certification of the financial report or statement shall be in accordance with section 1605(3) of the act (40 P. S. §  991.1605(3)).

     (ii)   A copy of the latest annual financial statement of the insurer in the standard reporting format prescribed by the National Association of Insurance Commissioners’ International Insurers Department, or successor organization.

   (4)  Trust fund agreement.

     (i)   A copy of the trust fund agreement concerning the trust fund which the insurer maintains in the United States in either a National bank or a member of the Federal Reserve System in an amount as set out in the act for the protection of all of its policyholders in the United States, consisting of cash, securities, letters of credit or investments of substantially the same character and quality as those which are eligible investments for admitted insurers authorized to write like kinds of insurance in this Commonwealth.

     (ii)   The trustees of the trust fund shall give written verification of the amount initially deposited and presently on deposit by the insurer in the trust fund. The trustees shall immediately give written notification to the Department at any time the trust fund deposit is less than the minimum requirement as provided for in section 1605(a)(2)(i) of the act.

   (5)  Biographical sketches. Biographical data for each officer, director, person in managerial control, and like individual on a form provided by the Department.

   (6)  Kind of insurance. A written statement by an officer of the insurer identifying the kinds of insurance coverages the insurer intends to write and the types of risks the insurer intends to insure in this Commonwealth.

   (7)  Designee for service of process. A written designation of the name of the individual employed by the insurer or other appropriate representative to whom all lawful process shall be mailed. The designee shall maintain a legal residence, domicile or office in the United States.

   (8)  Additional information. Additional information as required by the Commissioner to determine whether the insurer meets the standards and requirements of the act and this chapter.

 (d)  After placement on the eligible surplus lines insurer list, an alien insurer shall submit the following to the Department through a surplus lines licensee:

   (1)  Changes or additions, or both, to the information in subsection (c)(7) and (4)(i) within 10-calendar days of the occurrence.

   (2)  Changes or additions, or both, to the information in subsection (c)(1) and (5) within 30-calendar days of the occurrence.

   (3)  A certified copy of the information in subsection (c)(3)(i) within 30-calendar days after the date required for filing in its domiciliary jurisdiction. A copy of the information in subsection (c)(2), (3)(ii) and (4)(ii) shall accompany the filing.

   (4)  Additional items as may be required by the Commissioner to determine whether the insurer continues to meet the standards under the act.