Connecticut Administrative Code › Title 38a - Insurance Department › 88 - Credit for Reinsurance › Appendix B

Current through July 10, 2024
FORM CR-1
CERTIFICATE OF CERTIFIED REINSURER
I, _______________________________,
				________________________________
(name of officer) (title of officer)
of______________________________________________, the assuming
				insurer
under a reinsurance agreement with one or more insurers
				domiciled in
_________________________________________, in order to be
				considered for
(name of state)
approval in this state, hereby certify that
_______________________________________________ ("Assuming
				Insurer"):
(name of assuming insurer)
1. Submits to the jurisdiction of any court of competent
				jurisdiction within the State of Connecticut for the adjudication of any issues
				arising out 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 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 the State of
				Connecticut 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 section
				38a-88-4
				a(b)(7)(B) of the Regulations of Connecticut State Agencies.
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 section
				38a-88-4
				a(b)(7)(D) of the Regulations of Connecticut State Agencies.
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 and maintains capital in excess of
				the jurisdiction's highest regulatory action as evidenced by certification of
				its domiciliary regulator.
Dated: ______________
				_________________________________________
(name of assuming insurer)
BY: __________________________________
(name of officer)
__________________________________
(title of officer)