Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 56 - Credit for Reinsurance › Section 56-17 - Certificate of reinsurer domiciled in reciprocal jurisdiction, form RJ-1

Current through July 10, 2024
Authority: IC 27-6-10.1-5
Affected IC 27-6-10.1
Sec. 17.
Form RJ-1, Certificate of Reinsurer Domiciled in Reciprocal
				  Jurisdiction, shall be as follows:
FORM RJ-1
CERTIFICATE OF REINSURER DOMICILED IN RECIPROCAL
				  JURISDICTION
I, (name of officer, title of officer) of (name of assuming
				  insurer), the 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 (name of assuming insurer) ("Assuming
				  Insurer"):
1. Submits to the
				jurisdiction of any court of competent jurisdiction in the State of Indiana 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. The assuming insurer agrees that it will include such
				consent in each reinsurance agreement, if requested by the commissioner.
				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 Indiana as its lawful attorney in and
				for the State of Indiana 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 Indiana. If the assuming insurer enters into such an
				arrangement, the assuming insurer agrees to notify the ceding insurer and the
				commissioner, 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 760 IAC 1-56-7.8(c)(5), if requested by
				the commissioner.
Dated:_____________
				  ____________________________________________
(name of assuming insurer)
BY:_________________________________________
(name of officer)
(title of officer)