Reciprocal Jurisdiction Reinsurer Information

Background

The Dodd-Frank Wall Street Reform and Consumer Protection Act authorized the U.S. Treasury Secretary and the U.S. Trade Representative to negotiate and enter into covered agreements, which are international agreements relating to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieve a level of protection for consumers that is substantially equivalent to the level of protection achieved under state regulations.

To date, the United States has entered into covered agreements with the European Union and United Kingdom. These Covered Agreements mandate credit for reinsurance ceded to certain reciprocal jurisdiction reinsurers and eliminate security requirements on certain assuming insurers domiciled in the E.U. or the U.K. that reinsure business from ceding insurers domiciled in the U.S., provided that certain regulatory criteria are met.

Insurance Regulation 20 (11 NYCRR 125) implements the Covered Agreements with regard to reinsurance.

Qualifying as a Reciprocal Jurisdiction Reinsurer

An assuming insurer seeking to qualify as a reciprocal jurisdiction reinsurer should submit a $2000 payment, the Checklist for Reciprocal Reinsurers and the information set forth therein, including Form RJ-1, Form RJ-F, and Form RJ-S via DFS Connect. 

Review the Form RJ-F instructions and Form RJ-S instructions before submitting these forms.

A payment request will be made as part of the application process. DFS Connect accepts ACH and credit card payments.

To get started visit DFS Connect:

DFS Connect

For instructions on accessing or help using DFS Connect, see the DFS Connect User Guide and check our DFS Connect for Insurance Companies FAQs.

Annual Renewal

Once qualified, a company must resubmit these forms via DFS Connect and information annually by June 30.

Current Reciprocal Jurisdictions

Reciprocal Jurisdictions Subject to a Covered Agreement

United Kingdom of Great Britain and Northern Ireland

Member States of the European Union: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

Reciprocal Jurisdictions Accredited by the NAIC

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, U.S. Virgin Islands, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Reciprocal Jurisdictions Designated by the Superintendent

Bermuda, Japan, and Switzerland.

Current Reciprocal Jurisdiction Reinsurers

Questions?

Please direct questions to the appropriate contact person below.

Property/Casualty Companies

Maureen Carroll
Supervising Insurance Examiner
New York State Department of Financial Services, Property Bureau

Life Insurance Companies

Roberto Paradis
Supervising Insurance Examiner
New York State Department of Financial Services, Life Bureau

Health Insurance Companies

Tom Dudek
Supervising Insurance Examiner
New York State Department of Financial Services, Health Bureau