Current through Register Vol. 50, No. 9, September 20, 2024
A. All new and renewal reinsurance
transactions entered into after December 31, 2013 shall conform to the
requirements of the Act and this regulation if credit is to be given to the
ceding insurer for such reinsurance.
B. Form AR-1
FORM AR-1
CERTIFICATE OF ASSUMING INSURER
I______________________________,
_____________________________
(name of officer) (title of officer)
of
______________________________,
_____________________________
("Assuming Insurer"), the (name of assuming insurer)
assuming insurer under a reinsurance agreement with one or
more insurers domiciled in Louisiana, hereby certify that Assuming
Insurer:
1. Submits to the
jurisdiction of any court of competent jurisdiction in Louisiana 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. 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.
2. Designates the Commissioner of Insurance
of Louisiana 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. Submits to the authority of the
Commissioner of Insurance of Louisiana to examine its books and records and
agrees to bear the expense of any such examination.
4. Submits with this form a current list of
insurers domiciled in Louisiana reinsured by Assuming Insurer and undertakes to
submit additions to or deletions from the list to the Insurance Commissioner at
least once per calendar quarter.
Dated: ________________
_____________________________________
(name of assuming insurer)
BY: ________________________
______________________________
(name of officer) (title of officer)
C. Form CR-1
FORM CR-1
CERTIFICATE OF CERTIFIED REINSURER
I______________________________,
_____________________________
(name of officer) (title of officer)
of
______________________________, _____________________________
("Assuming Insurer"), the (name of assuming insurer)
assuming insurer under a reinsurance agreement with one or
more insurers domiciled in Louisiana, in order to be considered for approval in
Louisiana, hereby certify that Assuming Insurer:
1. Submits to the jurisdiction of any court
of competent jurisdiction in Louisiana 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.
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.
2. Designates the Commissioner of Insurance
of Louisiana 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 100 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 10
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 such changes and the reasons
therefore.
5. Agrees to annually
file information comparable to relevant provisions of the NAIC financial
statement for use by insurance markets in accordance with LAC
37:XIII.3510.B.7.d.
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 in accordance with LAC 37:XIII.3510.B.7.d.
8. Agrees to annually file an updated list of
all disputed and overdue reinsurance claims regarding reinsurance assumed from
United States domestic 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)
D. Form RJ-1
FORM RJ-1
CERTIFICATE OF REINSURER DOMICILED
IN RECIPROCAL JURISDICTION
I______________________________,
_____________________________
(name of officer) (title of officer)
of _______________________________________________, the
assuming
(name of assuming insurer)
insurer under a reinsurance agreement with one or more
insurers domiciled in _________________, in order to be considered for approval
in this state,
(name of state)
hereby certify that ___________________________ ("Assuming
Insurer"):
(name of assuming insurer)
1. Submits to the jurisdiction of any court
of competent jurisdiction in Louisiana 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.
2. Designates the Insurance Commissioner of
Louisiana as its lawful attorney 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.
3. 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.
4. 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.
5. Confirms that it is not presently
participating in any solvent scheme of arrangement, which involves insurers
domiciled in Louisiana. 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.
6.
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 United States 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.
7. Agrees to provide
the documentation in accordance with
§3511.C 5, if
requested by the commissioner.
Dated: ____________
_________________________________________
(name of assuming insurer)
BY: _____________________
_________________________________
(name of officer) (title of officer)
E. Form CR-F
Form CR-F - PART 1
Assumed Reinsurance as of December 31, Current Year (000
Omitted)
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Form CR-F - PART 2
Ceded Reinsurance as of December 31, Current Year (000
Omitted)
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AUTHORITY NOTE:
Promulgated in accordance with R.S. 22, Sections 2(E) and
661.
