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

Current through July 10, 2024
FORM RJ-1 CERTIFICATE OF REINSURER DOMICILED IN RECIPROCAL
				JURISDICTION I, ______________________________________ ,
____________________________________
(name of officer) (title of officer)
of _________________________________________________________ ,
				the assuming insurer
(name of assuming insurer)
under a reinsurance agreement with one or more insurers
				domiciled in _____________________ , in order to be considered for approval in
				this state, hereby certify that
(name of state)
_____________________________________ ("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(s), 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. The assuming insurer agrees that it will include such consent in each
			 reinsurance agreement, if requested by the Insurance Commissioner of the State
			 of Connecticut . 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, except to the
			 extent such agreements are unenforceable under applicable insolvency or
			 delinquency laws.
2. Designates the
			 Insurance Commissioner of the State of Connecticut as its lawful attorney in
			 and for the State of Connecticut upon whom may be served any lawful process in
			 any action, suit or proceeding in this state arising out of the reinsurance
			 agreement instituted by or on behalf of the ceding insurer.
3. Agrees to pay all final judgments,
			 wherever enforcement is sought, obtained by a ceding insurer, that have been
			 declared enforceable in the territory where the judgment was
			 obtained.
4. Agrees to provide
			 prompt written notice and explanation if it falls below the minimum capital and
			 surplus or capital or surplus ratio, or if any regulatory action is taken
			 against it for serious noncompliance with applicable law.
5. Confirms that it is not presently
			 participating in any solvent scheme of arrangement, which involves insurers
			 domiciled in the State of Connecticut. If the assuming insurer enters into such
			 an arrangement, the assuming insurer agrees to notify the ceding insurer and
			 the Insurance Commissioner of the State of Connecticut, and to provide 100%
			 security to the ceding insurer consistent with the terms of the
			 scheme.
6. Agrees that in each
			 reinsurance agreement it will provide security in an amount equal to 100% of
			 the assuming insurer's liabilities attributable to reinsurance ceded pursuant
			 to that agreement if the assuming insurer resists enforcement of a final U.S.
			 judgment, that is enforceable under the law of the territory in which it was
			 obtained, or a properly enforceable arbitration award whether obtained by the
			 ceding insurer or by its resolution estate, if applicable.
7. Agrees to provide the documentation in
			 accordance with section
			 38a-88-4
			 b(c)(5) of the Regulations of Connecticut State Agencies, if requested by the
			 Insurance Commissioner of the State of Connecticut.
Dated: __________________________
				________________________________
(name of assuming insurer)
BY: _________________________________
(name of officer)
_______________________________________
___
(title of officer)