Illinois Administrative Code › Title 50 - INSURANCE › Part 1104 - CREDIT FOR REINSURANCE CEDED › Appendix B - Form CR-1 Certificate of Certified Reinsurer

Current through Register Vol. 48, No. 28, July 12, 2024
FORM CR-1
CERTIFICATE OF CERTIFIED REINSURER
I,
________________________________,
___________________________
(name of officer)
(title of officer)
of
___________________________________ ,
the assuming insurer under a
(name of assuming insurer)
under a reinsurance agreement with one or more
						  insurers domiciled in _____________,
(name of state)
in order to be considered for approval in this State,
						  hereby certify that _______________
_____________________________
("Assuming Insurer"):
(name of assuming insurer)
1. Submits to the jurisdiction of any court of competent
				jurisdiction in ____________________________ for the adjudication of any issues
				arising out
(ceding insurer's state of domicile)
of the reinsurance agreement, agrees to comply with all
				requirements necessary to give such court jurisdiction, and will abide by the
				final decision of such court or any appellate court in the event of an appeal.
				Nothing in this paragraph constitutes or should be understood to constitute a
				waiver of Assuming Insurer's rights to commence an action in any court of
				competent jurisdiction in the United States, to remove an action to a United
				States District Court, or to seek a transfer of a case to another court as
				permitted by the laws of the U.S. or of any state in the U.S. This paragraph is
				not intended to conflict with or override the obligation of the parties to the
				reinsurance agreement to arbitrate their disputes if such an obligation is
				created in the agreement.
2. Designates the Insurance Commissioner of
				_________________________________
(ceding insurer's state of domicile)
as its lawful attorney upon whom may be served any lawful
				process in any action, suit or proceeding arising out of the reinsurance
				agreement instituted by or on behalf of the ceding insurer.
3. Agrees to provide security in an amount equal to 100% of
				liabilities attributable to U.S. ceding insurers if it resists enforcement of a
				final U.S. judgment or properly enforceable arbitration award.
4. Agrees to provide notification to the Illinois Department of
				Insurance within 10 days after any regulatory actions taken against it, any
				change in the provisions of its domiciliary license, or any change in its
				rating by an approved rating agency, including a statement describing the
				changes and the reasons for the changes.
5. Agrees to annually file with the Illinois Department of
				Insurance information comparable to relevant provisions of the NAIC financial
				statement for use by insurance markets in accordance with Section
				173.1(1)(C-5)(5)(c) and (d) of the Illinois Insurance Code [ 215 ILCS 5 ].
6. Agrees to annually file with the Illinois Department of
				Insurance the report of the independent auditor on the financial statements of
				the insurance enterprise.
7. Agrees to annually file with the Illinois Department of
				Insurance audited financial statements, regulatory filings, and actuarial
				opinion in accordance with 50 Ill. Adm. Code 1104.45(b)(7)(D).
8. Agrees to annually file with the Illinois Department of
				Insurance an updated list of all disputed and overdue reinsurance claims
				regarding reinsurance assumed from U.S. domestic ceding insurers.
9. Is in good standing as an insurer or reinsurer with the
				supervisor of its domiciliary jurisdiction.
Dated: ___________________
____________________________________
(name of assuming insurer)
By:
_________________________________
(name of officer)
_________________________________
(title of officer)