Wisconsin Administrative Code › Office of the Commissioner of Insurance › Appendix C - FORM RJ-1

Current through June 24, 2024
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
(name of state)
be considered for approval in this state, hereby certify that
			 _____________________________________ (Assuming Insurer): (name of assuming
			 insurer)
Submits to the jurisdiction of any court of competent
			 jurisdiction in Wisconsin 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.
1. Designates the Insurance Commissioner of Wisconsin as its
			 lawful attorney in and for the state of Wisconsin 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.
2. 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.
3. 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.
4. Confirms that it is not presently participating in any solvent
			 scheme of arrangement, which involves insurers domiciled in Wisconsin. 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.
5. 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.
6.Agrees to provide the documentation in accordance with s.
			 Ins
			 52.02(4r) 8., if requested by the
			 commissioner.
Dated: ___________________________
			 __________________________________________
(name of assuming insurer)
BY: ___________________________________________
(name of officer)
_____________________________________________ (title of
			 officer)