Ins 52.24(1)(e)2.2. There are no affiliate investment limitations with respect to any security held in such trust if such security is not needed to satisfy the requirements of par. (c); and

Ins 52.24(1)(e)3.3. The reinsurance treaty must prohibit withdrawals or substitutions of trust assets that would leave the fair market value of the primary security within the trust, when aggregated with primary security outside the trust that is held by or on behalf of the ceding insurer in the manner required by par. (c), below 102% of the level required by par. (c) at the time of the withdrawal or substitution; and

Ins 52.24(1)(e)4.4. The determination of reserve credit under s. Ins 52.05 (2), shall be determined according to the valuation rules set forth in s. Ins 52.23 (2), as applicable; and

Ins 52.24(1)(f)(f) The reinsurance treaty has been approved by the commissioner.

Ins 52.24(2)(a)(a) The requirements of sub. (1) must be satisfied as of the date that risks under covered policies are ceded, if such date is on or after June 1, 2022, and on an ongoing basis thereafter. Under no circumstances shall a ceding insurer take or consent to any action or series of actions that would result in a deficiency under sub. (1) (c) or (d) with respect to any reinsurance treaty under which covered policies have been ceded, and in the event that a ceding insurer becomes aware at any time that such a deficiency exists, it shall use its best efforts to arrange for the deficiency to be eliminated as expeditiously as possible.

Ins 52.24(2)(b)(b) Prior to the due date of each quarterly or annual statement, each life insurance company that has ceded reinsurance within the scope of s. Ins 52.20 (2) shall perform an analysis, on a treaty-by-treaty basis, to determine, as to each reinsurance treaty under which covered policies have been ceded, whether as of the end of the immediately preceding calendar quarter, the valuation date, the requirements of sub. (1) (c) and (d) were satisfied. The ceding insurer shall establish a liability equal to the excess of the credit for reinsurance taken over the amount of primary security actually held pursuant to sub. (1) (c), unless either of the following are met:

Ins 52.24(2)(b)1.1. The requirements of sub. (1) (c) and (d) were fully satisfied as of the valuation date as to such reinsurance treaty; or

Ins 52.24(2)(b)2.2. Any deficiency has been eliminated before the due date of the quarterly or annual statement to which the valuation date relates through the addition of primary security and/or other security, as the case may be, in such amount and in such form as would have caused the requirements of sub. (1) (c) and (d) to be fully satisfied as of the valuation date.

Ins 52.24(2)(c)(c) Nothing in par. (b) shall be construed to allow a ceding company to maintain any deficiency under sub. (1) (c) or (d) for any period of time longer than is reasonably necessary to eliminate it.

Ins 52.26Ins 52.26 Prohibition against avoidance. No insurer that has covered policies as to which this subchapter applies, as set forth in s. Ins 52.20 (2), shall take any action or series of actions or enter into any transaction or arrangement or series of transactions or arrangements if the purpose of such action, transaction or arrangement or series thereof is to avoid the requirements of this regulation, or to circumvent its purpose and intent, as set forth in s. Ins 52.20 (1).