Reinsurance Corner

Accredited Reinsurers must meet and maintain compliance with the guidelines for registration under Title 210 Nebraska Admin. Code, Chapter 65 § 005.

Initial Application Requirements:

• Properly executed  AR-1 Form
• Certified copy of certificate of authority or other acceptable evidence company is licensed to transact insurance or reinsurance in at least one state or port of entry
• Copy of annual statement filed with the state of domicile
• Copy of most recent audited financial statement
• Maintain at least $20 million in policyholder’s surplus

Ongoing Filing Requirements:

• Annual and quarterly statements filed with the state of domicile or port of entry
• Audited financial statement
• Listing of Nebraska cedents updated quarterly with any changes

*Note: 

• If statements are available through the NAIC it is not necessary to file a copy with the Department.
• Statements that are not available through the NAIC should be filed electronically at doi.holdingcompany@nebraska.gov. 
• There are no filing fees associated with accredited reinsurer filings.

List of Nebraska Accredited Reinsurers:

List of Nebraska Accredited Reinsurers

Reinsurers Domiciled in Another State are considered reinsurers domiciled in another state that employs substantially similar standards regarding credit for reinsurance and must meet and maintain compliance with the guidelines for registration under Title 210 Nebraska Admin. Code, Chapter 65 § 006.

Initial Application Requirements:

• Properly executed AR-1 Form
• Maintain at least $20 million in policyholder’s surplus
• Provide a copy of the respective state’s credit for reinsurance standards
  • Once the application is received, the Department will review the respective state’s credit for reinsurance standards to ensure they are substantially similar.

Filing Requirements:

• None
• *Note:  There are no filing fees associated with Reinsurers Domiciled in Another State filings.

List of Reinsurers Domiciled in Another State:

List of Reinsurers Domiciled in Another State

Trusteed Reinsurers maintain a trust fund in a qualified U.S. financial institution for the payment of claims of its U.S. domiciled ceding insurers.  Trusteed Reinsurers must meet and maintain compliance with the guidelines for registration under Title 210 Nebraska Admin. Code, Chapter 65 § 007.

Initial Application Requirements:

• Properly executed AR-1 Form
• Trust fund in a qualified U.S. financial institution which consists of appropriate funds in an amount at least equal to the trusteed reinsurer’s liabilities attributable to reinsurance ceded by U.S domiciled insurers.  Required supporting documentation:
  
  • Trust Instrument (Deed of Trust)
  • Annual financial statement
  • Certification of the planned termination date of the trust or verification the trust will not expire prior to the following December 31^st
  • Trust balance statement from Trustee
• Maintain at least $20 million in policyholder’s surplus

Ongoing Filing Requirements:

• Annual and quarterly financial statements with information substantially the same as is required to be reported on the NAIC Annual Statement form by licensed insurers
• Annual statement from the trustee with the balance of the trust and listing of the trust investments, as well as a certification of the planned termination date of the trust or verification that the trust will not expire prior to the following December 31st.
• Quarterly trust statements from the trustee to certify the fair market value of the trust
• Copy of any amendment to the Deed of Trust
• Listing of Nebraska cedents updated quarterly with any changes

*Note: 

• Statements should be filed electronically at doi.holdingcompany@nebraska.gov. 
• There are no filing fees associated with trusteed reinsurer filings.

List of Nebraska Trusteed Reinsurers:

List of Nebraska Trusteed Reinsurers

Pursuant to Neb. Rev. Stat. §44-416.06 and Title 210 Nebraska Admin. Code, Chapter 65 § 008, any unauthorized assuming insurer that meets the Department’s requirements may qualify as a Certified Reinsurer. Depending on the financial strength rating granted by the Director, a Certified Reinsurer may 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 or after the date the reinsurer becomes certified.

To apply to become a Certified Reinsurer in the state of Nebraska, please complete and submit the Uniform Application Checklist for Certified Reinsurers.

Application:  Uniform Application Checklist for Certified Reinsurers

Form CR-1:  Nebraska CR-1 Form

NAIC Forms:

• CR-F Form
• CR-S Form

Application Notices:

Interested or affected parties will have 30 days from the date the notice is posted to submit written comments and responses to the certified reinsurer applications listed below. The Director will not take final action on an application until at least 30 days after the notice is posted.

Pending Applications:

List of Nebraska Certified Reinsurers:

List of Nebraska Certified Reinsurers

Reciprocal Jurisdiction Reinsurer status eliminates reinsurance collateral requirements for reinsurers that meet and maintain compliance with the guidelines for registration under Neb. Rev. Stat. §44-416.06(7) and Title 210 Nebraska Admin. Code, Chapter 65 § 009.

Passporting Application Requirements:

Reciprocal Jurisdictions Reinsurers who have established their Lead State with an NAIC accredited jurisdiction other than Nebraska may request their Reciprocal Jurisdiction Reinsurer status be recognized in Nebraska by filing the following documents with Nebraska:

• Company should be approved through ReFAWG passporting process
• Properly executed RJ-1 Form

• Copy of the Lead State’s approval letter

  Initial Full Application Requirements:

  Reciprocal Jurisdiction Reinsurers who would like Nebraska to act as the Lead State for NAIC Reinsurance Financial Analysis (E) Working Group (ReFAWG) and passporting purposes should file the following:

• Application:
  
  • Complete Uniform Checklist for Reciprocal Jurisdiction Reinsurers and file all necessary documents referenced within the application
    • CR-F Form
    • CR-S Form
    • RJ-1 Form
• Ongoing Filing Requirements:
  • Reciprocal Jurisdiction Reinsurers must have and maintain on an ongoing basis minimum capital and surplus of $250 million or its equivalent and a minimum solvency or capital ratio of RBC 300% or its equivalent. 
  • The Reciprocal Jurisdiction Reinsurer’s supervisory authority must confirm on an annual basis that the reinsurer complies with the requirements noted above. 
• *Note: 
  • Demonstration and confirmation of filing requirements should be filed electronically at doi.holdingcompany@nebraska.gov. 
  • There are no filing fees associated with Reciprocal Jurisdiction Reinsurer filings.

List of Nebraska Reciprocal Jurisdiction Reinsurers:

List of Nebraska Reciprocal Jurisdiction Reinsurers

As part of the reinsurer certification process, the Director is required to maintain a list of qualified and reciprocal jurisdictions under which an assuming insurer licensed and domiciled in such jurisdiction is eligible to be considered as a certified or reciprocal jurisdiction reinsurer.

Qualified Jurisdictions:

• Bermuda: The Bermuda Monetary Authority (BMA)
• France: Autorité Contrôle Prudentiel et de Résolution (ACPR)
• Germany: German Federal Financial Supervisory Authority (BaFin)
• Ireland: Central Bank of Ireland (Central Bank)
• Japan: Financial Services Agency of Japan (FSA)
• Switzerland: The Swiss Financial Market Supervisory Authority (FINMA)
• United Kingdom: The Prudential Regulation Authority of the Bank of England (PRA)                                  

Reciprocal Jurisdictions:

• Bermuda: The Bermuda Monetary Authority (BMA)
• Japan: Financial Services Agency of Japan (FSA)
• Switzerland: The Swiss Financial Market Supervisory Authority (FINMA)

The following links to the NAIC website may be helpful when completing applications:

·         ReFAWG Review Process for Passporting Certified and Reciprocal Jurisdiction Reinsurers

·         Process for Evaluating Qualified and Reciprocal Jurisdictions

NAIC Certified and Reciprocal Jurisdiction Reinsurer webpage