Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 740 - CREDIT FOR REINSURANCE › Form 031-740-RJ-1 - CERTIFICATE OF REINSURER DOMICILED IN RECIPROCAL JURISDICTION

Current through 2024-29, July 17, 2024
I, _______________________, ___________________ of
				  ___________________________,
(name of officer) (title of officer) (name of assuming
				  insurer)
the assuming insurer under a reinsurance agreement(s) with
				  one or more insurers domiciled in the State of Maine, 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 the State of Maine 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.
				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(s) to arbitrate their
				disputes if such an obligation is created in the agreement(s), except to the
				extent that such agreements are unenforceable under applicable insolvency or
				delinquency laws..
2. Designates
				the Superintendent of Insurance of the State of Maine as its lawful attorney
				upon whom may be served any lawful process in any action, suit or proceeding in
				this State arising out of the reinsurance agreements(s) instituted by or on
				behalf of the ceding insurer.
3.
				Agrees to pay all final judgments obtained by a ceding insurer, wherever
				enforcement is sought, 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 that involves
				insurers domiciled in the State of Maine. Assuming Insurer agrees to notify the
				ceding insurer and the Superintendent if it enters into such an arrangement,
				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 promise to 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 any documentation
				requested by the Superintendent in accordance with Maine Bureau of Insurance
				Rule 740§10(C)(5).
Dated: ______________
				  ___________________________________
(name of assuming insurer)
BY: ___________________________________
(name of officer)
___________________________________
(title of officer)