(a) Unless credit for reinsurance or deduction from liability is disallowed pursuant to Section 922.3 or 923, credit for reinsurance or deduction from liability shall be allowed a foreign ceding insurer to the extent credit has been allowed by the ceding insurer’s state of domicile if either:
(1) The state of domicile is accredited by the NAIC.
(2) Credit or deduction from liability would be allowed under this statute if the foreign ceding insurer were domiciled in this state.
(b) Notwithstanding subdivision (a), credit for reinsurance or deduction from liability may be disallowed upon a finding by the commissioner that either the financial condition of the reinsurer, or the collateral or other security provided by the reinsurer, does not, in substance, satisfy the credit for reinsurance requirements applicable to ceding insurers domiciled in this state.