Certified Reinsurer

Certified Reinsurer Application Form - RSA 405:47 and Ins 601.06

Certified Qualified Jurisdictions

Depending on the financial strength rating granted by the New Hampshire Insurance Department (NHID), a Certified Reinsurer will be allowed to post less than 100% collateral and still enable an authorized insurer to qualify for full reserve credit with respect to reinsurance contracts renewed or entered into on the date the reinsurer becomes certified.

Filing requirements to qualify as a Certified Reinsurer with the NHID: completed application must be submitted in a tabbed binder. Approvals are on a calendar year basis - January 1st through December 31st.

Reinsurer must be domiciled and licensed to transact insurance or reinsurance in a Qualified Jurisdiction.

• Full Application Checklist - For Reinsurers that have not been certified as a reinsurer in an NAIC accredited state.
  • Separate hard copy of the application for public viewing **do not submit confidential documents with this copy**
  • U.S. domiciled reinsurers - current Annual Statement, Schedule F (P&C reinsurer) or Schedule S (Life & Health reinsurer)
  • Non-U.S. domiciled reinsurer - CR-F form (P&C reinsurer) or CR-S form (Life & Health reinsurer)
  • Current Certificate of Good Standing from domestic regulator
  • Current Audited Financial Statement
  • The company must also maintain a minimum surplus, or its equivalent, of $250.0 million calculated in accordance with Ins 601(b)(4)h.
  • An assuming insurer applying to be a Certified Reinsurer shall agree to post 100% security for the benefit of the ceding insurer or its estate upon the entry of an order of rehabilitation, liquidation or conservation against the ceding insurer.
• Passporting Application Checklist - For Reinsurers with an application that has been approved by a U.S. lead state and reviewed by the NAIC Reinsurance Financial Analysis (E) Working Group (ReFAWG) that is seeking certified reinsurer status in New Hampshire. Annual renewal due on or before November 1st each year. Please provide a list with application of New Hampshire Cedents that Certified Reinsurer assumes business from.
• CR-1 Form
• CR-F Form
• CR-F Instructions
• CR-S Form
• CR-S Instructions

Please review Ins 601.06 - Credit for Reinsurance – Certified Reinsurers

The reinsurer will be notified in writing after reviewing the application if approved/denied. Included in such notice shall be the rating assigned the Certified Reinsurer in accordance with Ins 601.06(a)(1).

To continue to qualify as a Certified Reinsurer an application needs to be filed annually with the NHID and obtain approval.

Also note that notification of any regulatory actions taken against the Certified Reinsurer, any change in the provisions of the domiciliary license or any change in rating by an approved rating agency, including a statement describing such changes and the reasons therefore must be submitted to the NH Insurance Department within 10 days of such action. Ins 601.06(b)(7)a.

Applicants Seeking Certified Reinsurer Status:

• None at this time

Applicants Seeking Renewal of Certified Reinsurer Status:

• TransRe London

NH Current List of Certified Reinsurers

Certified Reinsurers are also required to notify the Director within 10 days of any of the following:

• Regulatory actions against the certified reinsurer
• Change in the provision of its domiciliary license
• Change in rating approved rating agency

List of Certified Jurisdiction Reinsurers

NAIC Process for Evaluating Qualified and Reciprocal Jurisdictions

ReFAWG Review Process for Passporting Certified and Reciprocal Jurisdiction Reinsurers

https://content.naic.org/cmte_e_reinsurance_certified_reciprocal_reinsurers.htm

Contacts:

Patricia Gosselin
Chief Financial Analyst
patricia.m.gosselin@ins.nh.gov

Stephanie Woods
Financial Analyst III
Stephanie.m.woods@ins.nh.gov