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Certified Reinsurer Application
 

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
Secure-1 0%
Secure-2 10%
Secure-3 20%
Secure-4 50%
Secure-5 75%
Vulnerable-6 100%

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 Adobe Acrobat Reader Symbol- 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 formAdobe Acrobat Reader Symbol
  • 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 Adobe Acrobat Reader Symbol(P&C reinsurer) or CR-S form Adobe Acrobat Reader Symbol(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 Adobe Acrobat Reader Symbolwill 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
Current List of Certified Reinsurers:
Certified Reinsurer# Federal/Alien ID Certified Reinsurer Jurisdiction Effective Date of Certification Financial Strength Rating
CR-1032346 98-1032346 Swiss Re Corporate Solutions, Ltd Switzerland January 1, 2014 - June 30 2014 Secure-3
CR-1460146 AA-1460146 Swiss Reinsurance Company, Ltd Switzerland July 1, 2014 - June 30, 2015 Secure-2

Contacts:

Patricia Gosselin
Chief Financial Analyst

Patricia.Gosselin@ins.nh.gov

Tel: (603) 271-7973 x207

Mary Verville
Senior Financial Analyst

Mary.Verville@ins.nh.gov

Tel: (603) 271-7973 x254

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New Hampshire Insurance Department | 21 South Fruit Street, Suite 14 | Concord, NH 03301
Phone 603.271.2261 | Fax 603.271.1406 | Consumer Hotline 1.800.852.3416

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