Reinsurance credit is permitted under the provisions of N.D.C.C. § 26.1-31.2-01 when the assuming insurer is certified as a reinsurer in North Dakota. N.D. Admin. Code § 45-03-07.1-04.1 also contains requirements for certification.
An insurer seeking to be registered in North Dakota as a certified reinsurer through the passporting process must submit a complete application consisting of a request letter and the following information:
- Verification of Certification issued by a National Association of Insurance Commissioners (NAIC) Accredited Jurisdiction. The applicant must provide a copy of the approval letter or other documentation provided by the NAIC accredited jurisdiction. At a minimum, this letter must confirm the following items:
- Name of state(s) that the applicant is currently certified in,
- The rating and collateral percentage assigned to the applicant,
- The effective and expiration dates of the applicant’s certification,
- The lines of business to which the certification is applicable, and
- The applicant’s commitment to comply with all requirements to maintain certification.
- Mechanisms used to secure obligations incurred as a Certified Reinsurer:
- The applicant must specify the mechanisms it will use to secure obligations incurred as a Certified Reinsurer. If the applicant intends to utilize a multi-beneficiary trust for this purpose, it must submit the form of the trust that will be used to secure obligations incurred as a certified reinsurer and the form of the trust that will be used to secure obligations incurred outside of the applicant’s certified reinsurer status (e.g., the applicant’s 100 percent collateralized trust, if applicable).
- Certificate of Certified Reinsurer (Form CR-1) (SFN 60995) must be completed and signed by the applicant.
Once the passporting application is deemed complete, a notice will be posted on the North Dakota Insurance Department’s website for public comment for a 30 day period. After the 30 day period has expired, the Department will review any comments received and, if appropriate, issue an approval letter if the application is approved. An application may be filed at any time throughout the year.
All applications should be directed to the Company Licensing and Examinations Division.
If the applicant intends to apply for full certification in North Dakota, please contact the Company Licensing and Examinations Division Director.
|Federal/Alien ID||Certified Reinsurer Name||Qualified Jurisdiction||Effective Date||Financial Strength Rating|
|AA-3194168||Aspen Bermuda Limited||Bermuda||Jan. 1, 2016||Secure - 3|
|AA-1340125||Hannover Ruck SE||Germany||April 29, 2016||Secure - 2|
|AA-3194130||Endurance Specialty Insurance, Ltd.||Bermuda||July 1, 2016||Secure - 3|
|AA-3194126||Arch Reinsurance, Ltd.||Bermuda||Aug. 5, 2016||Secure - 3|
|AA-3191274||Equator Reinsurances Limited||Bermuda||Sept. 12, 2016||Secure - 3|
There were no certified reinsurers whose rating was downgraded or status was revoked, or that withdrew during the past year. There were also no applicants seeking certified reinsurer status.