Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 16 - CREDIT FOR REINSURANCE › Part A - CREDIT FOR REINSURANCE › Exhibit B - Form CR-1, Certificate of Certified Reinsurer

Current through Register Vol. 30, No. 28, July 12, 2024
I, _______________________________________________,
(name of officer)
______________________________________________
(title of officer)
of
					 _______________________________________________________________ , the assuming
					 insurer under
(name of assuming insurer)
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 issue arising out of the (ceding insurer's state of domicile) 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
				  United States or of any state in the United States. 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 within 10 days of 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 such changes and
				  the reasons therefore.
5. Agrees to
				  annually file information comparable to relevant provisions of the NAIC
				  financial statement for use by insurance markets in accordance with this
				  Article.
6. Agrees to annually file
				  the report of the independent auditor on the financial statements of the
				  insurance enterprise.
7. Agrees to
				  annually file audited financial statements, regulatory filings, and actuarial
				  opinion in accordance with this Article.
8. Agrees to annually file 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)
___________________________________
(name of officer)
___________________________________
(title of officer)