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Certified Reinsurer information

Pursuant to the Eleventh Amendment to Regulations No. 17, 20 and 20-A (11 NYCRR125) any unauthorized assuming insurer or any alien group of insurers that meets the Department’s requirements may qualify as a Certified Reinsurer. Depending on the financial strength rating granted by the Department, 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 or after January 1, 2011, or the date the reinsurer becomes certified.

Financial Strength Rating granted by the DepartmentMinimum Amount Withheld for Full Credit
Secure-10%
Secure-210%
Secure-320%
Secure-450%
Secure-575%
Vulnerable-6100%

Initial and annual filing requirements to qualify as Certified Reinsurer

  1. Company submits an initial application accompanied by a filing and processing charge of $1,000 and shall pay, on or before the first day of July, an annual filing and processing charge of $1,000 for each year thereafter.
  2. Company must be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction.
  3. Company maintains capital and surplus, or its equivalent, of no less than $250,000,000, calculated in accordance with Section 125.4 (h)(7)(iv)(h) of Regulation No. 20.
  4. Company maintains a financial strength rating from two or more acceptable rating agencies. The ratings shall be based on interactive communication between the rating agency and the assuming insurer. An acceptable rating agency is: (1) Standard & Poor's (S&P); (2) Moody's Investors Service (Moody's); (3) Fitch Ratings (Fitch); (4) A.M. Best Company (Best); or (5) any other nationally recognized statistical rating organization acceptable to the superintendent.
  5. An assuming insurer applying to be a certified reinsurer shall agree to post 100 percent security upon the entry of an order of rehabilitation, liquidation or conservation against the ceding insurer for the benefit of the ceding insurer or its estate.
  6. For a certified reinsurer domiciled in the United States, the most recent applicable NAIC Annual Statement Blank, and either Schedule F (for a property/casualty reinsurer) or Schedule S (for a life or health reinsurer).
  7. For a certified reinsurer not domiciled in the United States, the most recent Form CR-F (for a property/casualty reinsurer) or Form CR-S (for a life or health reinsurer), as such forms shall be prescribed by the superintendent.
  8. Disclose past, current or pending regulatory actions against the certified reinsurer.
  9. Provide a list, by cedent, of all overdue reinsurance claims payable that are more than 90 days past due or are in dispute regarding reinsurance assumed by the applicant from U.S. domestic ceding insurers.  Identify whether any of the listed cedents are in administrative supervision or receivership.
  10. Provide report of the independent auditor on the financial statements of the certified reinsurer.
  11. For a certified reinsurer not domiciled in the United States, audited financial statements, (i.e., audited United States GAAP basis if available; audited IFRS basis statements including an audited footnote reconciling equity and net income to a United States GAAP basis; or with the permission of the superintendent, audited IFRS statements with reconciliation to United States GAAP certified by an officer of the company), regulatory financial statement filings, and actuarial opinion as filed with the non-United States jurisdiction supervisor. Upon the initial application for certification, the insurer shall provide the superintendent with audited financial statements filed with its non-United States jurisdiction supervisor for at least the previous three years.
  12. Disclose the liquidation priority of obligations to a ceding insurer in the certified reinsurer's domiciliary jurisdiction in the context of an insolvency proceeding.
  13. Disclose a certified reinsurer's past or current participation in any solvent scheme of arrangement, or similar procedure that involves United States ceding insurers. A certified reinsurer that proposes participation by the certified reinsurer in a solvent scheme of arrangement shall provide the superintendent with prior notice of such scheme as early as practicable.
  14. Submit a properly executed Form CR-1 on a form prescribed by the superintendent as evidence of its submission to the jurisdiction of this state.
  15. Submit a certification from its domestic regulator that the certified reinsurer is in good standing and maintains capital in excess of the jurisdiction's highest regulatory action level.
  16. The reinsurer must agree that all reinsurance contracts will include the provisions of Sections 125.4(h)(10) of Regulation No. 20 of the Insurance Division of the New York State Department of Financial Services.
  17. Company must provide a statement that it agrees to submit such other information that the Superintendent may reasonably require in accordance with Section 125.4(h)(7)(vii)(g).

Current List of Certified Reinsurers:

Federal/Alien ID Current Certified Reinsurers Jurisdiction Effective Date of Initial Certification Financial Strength Rating Lines of Business Certified to Reinsure

98-0174408

ACE Tempest Reinsurance, Ltd.

Bermuda

January 1, 2011

Secure-2

Life, annuities and accident/health, property/casualty

98-0481736

Allied World Assurance Company Ltd.

Bermuda

July 1, 2011

Secure-3

Property/casualty

AA-3194126

Arch Reinsurance Ltd (Bermuda)

Bermuda

July 1, 2011

Secure-3

Property/casualty

98-0522368

Aspen Bermuda Limited f/k/a
Aspen Insurance Limited

Bermuda

July 1, 2011

Secure-3

Property/casualty

98-0203985

Assured Guaranty Re Ltd.

Bermuda

January 1, 2011

Secure-5

Property/casualty

04-6145677

Commonwealth Annuity and Life Insurance Company

Massachusetts

July 1, 2012

Secure-5

Life, annuities and accident/health

98-0369174

Everest Reinsurance (Bermuda) Ltd.

Bermuda

July 1, 2012

Secure-3

Property/casualty

AA-3190060

Hannover Re (Bermuda) Ltd

Bermuda

January 1, 2011

Secure-3 (1/1/11 - 9/17/12)
Secure-2 (9/18/12 - )

Property/casualty

98-0123855

Hannover Rück SE

Germany

January 1, 2011

Secure-3 (1/1/11 - 9/17/12)
Secure-2 (9/18/12 - )

Life, annuities, accident/health, property/casualty

98-0543563

Hiscox Insurance Company (Bermuda) Limited

Bermuda

July 1, 2011

Secure-3

Property/casualty

98-0069969

Legal & General Assurance Society Limited

United Kingdom

July 1, 2012

Secure-2

Life, annuities and accident/health

98-0228016

Markel Bermuda Limited f/k/a
Alterra Bermuda Limited

Bermuda

July 1, 2011

Secure-4 (7/1/11 - 5/28/14)
Secure-3 (5/29/14 - )

Property/casualty

98-0417516

Montpelier Reinsurance Ltd. (Bermuda)

Bermuda

January 1, 2011

Secure-4

Property/casualty

AA-3194200

MS Frontier Reinsurance Ltd.

Bermuda

July 1, 2012

Secure-3

Property/casualty

98-0406884

Partner Reinsurance Company Ltd

Bermuda

January 1, 2011

Secure-3

Property/casualty

13-1363527

Swiss Reinsurance Company Ltd.

Switzerland

January 1, 2011

Secure-3

Life, annuities, accident/health, property/casualty

30-0703280

Tokio Millennium Re AG

Switzerland

July 1, 2011

Secure-2

Property/casualty

98-0043838

Underwriters at Lloyd's, London

United Kingdom

January 1, 2011

Secure-3

Property/casualty

36-2739571

United Healthcare Insurance Company

Connecticut

July 1, 2013

Secure-3

Life, accident/health, and workmen's compensation

41-1760577

Wilton Reassurance Company

Minnesota

July 1, 2011

Secure-3

Life, annuities and accident/health

98-0473393

Wilton Reinsurance Bermuda Limited

Bermuda

July 1, 2011

Secure-3

Life and annuities

98-0354869

XL Insurance (Bermuda) Ltd

Bermuda

January 1, 2011

Secure-3

Property/casualty

98-0351953

XL Re Ltd. (Bermuda)

Bermuda

January 1, 2011

Secure-3

Property/casualty

List of Certified Reinsurers Whose Rating Was Downgraded or Status Was Revoked, or That Withdrew During the Past Year:

Applicants Seeking Certified Reinsurer Status:

None at Present.

Contacts:

James Davis
Assistant Chief Examiner
New York State Department of Financial Services
Property Bureau
One State Street
New York, NY 10004
james.davis@dfs.ny.gov

Tel: (212) 480-5124

Brian Glaab
Associate Insurance Examiner
New York State Department of Financial Services
Property Bureau
One Commerce Plaza
Albany, NY 12257
brian.glaab@dfs.ny.gov

Tel: (518) 474-6628

Roberto Paradis
Senior Examiner
New York State Department of Financial Services
Life Bureau
One State Street
New York, NY 10004
roberto.paradis@dfs.ny.gov

Tel: (212) 480-4776

Updated 10/24/2014