This regulation shall apply to all domestic life and disability insurers and to all other licensed life and disability insurers which are not subject to a substantially similar regulation in their domiciliary state. This regulation shall also similarly apply to licensed property and/or casualty insurers with respect to their disability business. This regulation shall not apply to bulk or assumption reinsurance, yearly renewable term reinsurance or certain nonproportional reinsurance such as stop loss or catastrophe reinsurance.