Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 740 - CREDIT FOR REINSURANCE › Form 031-740-CR-1 - CERTIFICATE OF CERTIFIED REINSURER

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).
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 arising out of the reinsurance
				agreements(s) 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 therefor.
5. Agrees to
				annually file information comparable to relevant provisions of the NAIC
				financial statement for use by insurance markets in accordance with Maine
				Bureau of Insurance Rule 740§6(C)(7).
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 Maine Bureau of Insurance Rule 740§6(C)(7).
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)
BY: ___________________________________
(name of officer)
___________________________________
(title of officer)