Reciprocal Jurisdiction Reinsurer Information

Background

The federal 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 insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under state insurance or reinsurance regulation.

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 (Company) should submit to the applicable Bureau contact listed below the Checklist for Reciprocal Reinsurers and the information set forth therein, including Form RJ-1, Form RJ-F, and Form RJ-S, via email and separately by mail to the applicable Bureau contact a check in the amount of $2,000 made payable to “Superintendent of Financial Services.”

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

Once qualified, a Company must resubmit the foregoing forms and information by June 30 of each year.

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

Contact Information

Please direct questions to the appropriate contact person below.

Property/Casualty Companies

Maureen Carroll
Associate Insurance Examiner
New York State Department of Financial Services
Property Bureau
One Commerce Plaza
Albany, NY 12257

Life Insurance Companies

Roberto Paradis
Supervising Insurance Examiner
New York State Department of Financial Services
Life Bureau
One State Street
New York, NY 10004

Health Insurance Companies

Tom Dudek
Supervising Insurance Examiner
New York State Department of Financial Services
Health Bureau
One State Street
New York, NY 10004