Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-13 - Assets-Liabilities-Investments and reinsurance › CREDIT FOR REINSURANCE › Section 284-13-59501 - Form CR-1

Current through Register Vol. 24-14, July 15, 2024
FORM CR-1
CERTIFICATE OF CERTIFIED REINSURER
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 Washington, 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
				Washington for the adjudication of any issues arising out of the reinsurance
				agreement, agrees to comply with all requirements necessary to give the court
				jurisdiction, and will abide by the final decision of the 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 to arbitrate their disputes if the obligation is created
				in the agreement.
2. Designates
				the Insurance Commissioner of the State of Washington as its lawful attorney
				upon whom may be served any lawful process in any action, suit or proceeding
				arising out of the reinsurance agreement instituted by or on behalf of the
				ceding insurer.
3. Agrees to
				provide security in an amount equal to one hundred percent of liabilities
				attributable to United States ceding insurers if it resists enforcement of a
				final United States judgment or properly enforceable arbitration
				award.
4. Agrees to provide
				notification within ten 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 the 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 WAC
				284-13-500 through
				284-13-590.
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
				under WAC
				284-13-500 through
				284-13-590.
8. Agrees to annually file an updated list of
				all disputed and overdue reinsurance claims regarding reinsurance assumed from
				United States 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)