Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 740 - CREDIT FOR REINSURANCE
Form 031-740-RJ-1 - CERTIFICATE OF REINSURER DOMICILED IN RECIPROCAL JURISDICTION

1. Submits to the jurisdiction of any court of competent jurisdiction in the State of Maine for the adjudication of any issues arising out of the reinsurance agreement(s), 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(s) to arbitrate their disputes if such an obligation is created in the agreement(s), except to the extent that such agreements are unenforceable under applicable insolvency or delinquency laws..

2. Designates the Superintendent of Insurance of the State of Maine 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 agreements(s) instituted by or on behalf of the ceding insurer.

3. Agrees to pay all final judgments obtained by a ceding insurer, wherever enforcement is sought, 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 that involves insurers domiciled in the State of Maine. Assuming Insurer agrees to notify the ceding insurer and the Superintendent if it enters into such an arrangement, 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 promise to 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.

7. Agrees to provide any documentation requested by the Superintendent in accordance with Maine Bureau of Insurance Rule 740§10(C)(5).

Dated: ______________ ___________________________________

(name of assuming insurer)

BY: ___________________________________

(name of officer)

___________________________________

(title of officer)