New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 2 - INSURANCE COMPANY LICENSING AND OPERATION › Part 8 - CREDIT FOR REINSURANCE › Section 13.2.8.15 - QUALIFIED JURISDICTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
If, upon conducting an evaluation under this section with
				  respect to the reinsurance supervisory system of any non-U.S. assuming insurer,
				  the superintendent determines that the jurisdiction qualifies to be recognized
				  as a qualified jurisdiction, the superintendent will publish notice and
				  evidence of such recognition in an appropriate manner. The superintendent may
				  establish a procedure to withdraw recognition of those jurisdictions that are
				  no longer qualified.
A. In order to
				determine whether the domiciliary jurisdiction of a non-U.S. assuming insurer
				is eligible to be recognized as a qualified jurisdiction, the superintendent
				will evaluate the reinsurance supervisory system of the non-U.S. jurisdiction,
				both initially and on an ongoing basis, and consider the rights, benefits and
				the extent of reciprocal recognition afforded by the non-U.S. jurisdiction to
				reinsurers licensed and domiciled in the U.S. The superintendent will determine
				the appropriate approach for evaluating the qualifications of such
				jurisdictions, and create and publish a list of jurisdictions whose reinsurers
				may be approved by the superintendent as eligible for certification. A
				qualified jurisdiction shall agree to share information and cooperate with the
				superintendent with respect to all certified reinsurers domiciled within that
				jurisdiction. Additional factors to be considered in determining whether to
				recognize a qualified jurisdiction, in the discretion of the superintendent,
				include but are not limited to the following:
(1) the framework under which the assuming
				insurer is regulated;
(2) the
				structure and authority of the domiciliary regulator with regard to solvency
				regulation requirements and financial surveillance;
(3) the substance of financial and operating
				standards for assuming insurers in the domiciliary jurisdiction;
(4) the form and substance of financial
				reports required to be filed or made publicly available by reinsurers in the
				domiciliary jurisdiction and the accounting principles used;
(5) the domiciliary regulator's willingness
				to cooperate with U.S. regulators in general and the superintendent in
				particular;
(6) the history of
				performance by assuming insurers in the domiciliary jurisdiction;
(7) any documented evidence of substantial
				problems with the enforcement of final U.S. judgments in the domiciliary
				jurisdiction. A jurisdiction will not be considered to be a qualified
				jurisdiction if the superintendent has determined that it does not adequately
				and promptly enforce final U.S. judgments or arbitration awards;
(8) any relevant international standards or
				guidance with respect to mutual recognition of reinsurance supervision adopted
				by the international association of insurance supervisors or successor
				organization; and
(9) any other
				matters deemed relevant by the superintendent.