Certified Reinsurer Application Form - RSA 405:47 and Ins 601.06
Depending on the financial strength rating granted by the New Hampshire Insurance Department (NHID), a Certified Reinsurer will be allowed to post less than 100% collateral and still enable an authorized insurer to qualify for full reserve credit with respect to reinsurance contracts renewed or entered into on the date the reinsurer becomes certified.
Financial Strength Rating granted by the NHID
Minimum Amount Withheld for Full Credit
Initial and annual filing requirements to qualify as a Certified Reinsurer with the NHID:
~~APPLICATIONS FOR A REDUCTION IN COLLATERAL WITH AN EFFECTIVE DATE OF JULY 1, 2014 WILL BE ACCEPTED THROUGH SEPTEMBER 1, 2014~~
- Application Checklist form - completed application must be submitted in a tabbed binder. Annual renewal due on or before July 1st for each year after initial approval by the NHID.
- Reinsurer must be domiciled and licensed to transact insurance or reinsurance in a Qualified Jurisdiction.
- Separate hard copy of the application for public viewing **do not submit confidential documents with this copy**
- CR-1 form
- U.S. domiciled reinsurers - current Annual Statement, Schedule F (P&C reinsurer) or Schedule S (Life & Health reinsurer)
- Non-U.S. domiciled reinsurer - CR-F form (P&C reinsurer) or CR-S form (Life & Health reinsurer)
- Current Certificate of Good Standing from domestic regulator
- Current Audited Financial Statement
- The company must also maintain a minimum surplus, or its equivalent, of $250.0 million calculated in accordance with Ins 601(b)(4)h.
- An assuming insurer applying to be a Certified Reinsurer shall agree to post 100% security for the benefit of the ceding insurer or its estate upon the entry of an order of rehabilitation, liquidation or conservation against the ceding insurer.
Please review Ins 601.06 - Credit for Reinsurance – Certified Reinsurers
The reinsurer will be notified in writing after reviewing the application if approved/denied. Included in such notice shall be the rating assigned the Certified Reinsurer in accordance with Ins 601.06(a)(1).
To continue to qualify as a Certified Reinsurer the Application Checklist form will need to be filed annually by July 1st for each year after initial approval by the NHID.
Also note that notification of any regulatory actions taken against the Certified Reinsurer, any change in the provisions of the domiciliary license or any change in rating by an approved rating agency, including a statement describing such changes and the reasons therefore must be submitted to the NH Insurance Department within 10 days of such action. Ins 601.06(b)(7)a.
Applicants Seeking Certified Reinsurer Status:
- Allied World Assurance Company, Ltd - Federal/Alien ID# AA-3194128
- Hannover Rück SE - Federal/Alien ID# AA-1340125
- Arch Reinsurance Ltd - Federal/Alien ID# AA-3194126
Applicants Seeking Renewal of Certified Reinsurer Status:
- Swiss Re Corporate Solutions, Ltd, Federal/Alien ID# 98-1032346
||Effective Date of Certification
||Financial Strength Rating
||Swiss Re Corporate Solutions, Ltd
||January 1, 2014 - June 30 2014
||Swiss Reinsurance Company, Ltd
||July 1, 2014 - June 30, 2015
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