(1) regulations to carry out this subtitle; and

(2) rules and regulations applicable to reinsurance arrangements described in subsection (b) of this section.

(b) (1) A rule or regulation adopted under subsection (a)(2) of this section may apply only to reinsurance relating to:

(i) life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;

(ii) universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;

(iii) variable annuities with guaranteed death or living benefits;

(iv) long-term care insurance policies; or

(v) other life and health insurance and annuity products as to which the National Association of Insurance Commissioners adopts model regulatory requirements with respect to credit for reinsurance.

(2) A rule or regulation adopted under subsection (a)(2) of this section that applies to reinsurance relating to policies specified under paragraph (1)(i) or (ii) of this subsection may apply to any treaty containing:

(i) policies issued on or after January 1, 2015; or

(ii) policies issued before January 1, 2015, if the risk pertaining to the pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.

(3) A rule or regulation adopted under subsection (a)(2) of this section may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations adopted under subsection (a)(2) of this section, to use the valuation manual adopted by the National Association of Insurance Commissioners in accordance with § 5-313 of this title, including all amendments adopted by the National Association of Insurance Commissioners and in effect on the date the calculation is made, to the extent applicable.

(4) A rule or regulation adopted under subsection (a)(2) of this section may not apply to a cession to an assuming insurer that:

(i) meets the conditions set forth in § 5-917 of this subtitle;

(ii) is certified in this State in accordance with § 5-904(f) of this subtitle; or

(iii) 1. maintains at least $250,000,000 in capital and surplus when determined in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, including all amendments adopted by the National Association of Insurance Commissioners, excluding the impact of any permitted or prescribed practices; and

2. A. is licensed in at least 26 states; or

B. is licensed in at least 10 states and is licensed or accredited in a total of at least 35 states.

(c) The authority of the Commissioner to adopt regulations under subsection (a)(2) of this section does not limit the Commissioner’s general authority to adopt regulations under subsection (a)(1) of this section.