Section 57

Section 57 Credit for Reinsurance 5

Clause (iv) of paragraph (B) of subsection (5) of said section 20A of said chapter 175, as so appearing, is hereby amended by striking out subparagraphs (a) and (b) and inserting in place thereof the following 3 subparagraphs:-

(a) meets the conditions set forth in paragraph (E1/2) of subsection (1);

(b) is certified in the commonwealth; or

(c) 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 licensed in at least 26 states or licensed in at least 10 states and licensed or accredited in a total of at least 35 states.