Credit for Reinsurance is regulated pursuant to Idaho Code § 41-515 and Idaho Code § 41-515A.
All forms regarding Credit for Reinsurance include Forms:
Disclosure: This guidance is not all-inclusive. Please review Idaho Code, Title 41 and IDAPA 18.
Accredited and Trusteed Reinsurers
Reinsurers Applying for Accredited or Trusteed status, Instructions:
- Properly execute and file Form AR-1 (linked above)
- And file: a current Certificate of Compliance certified by the public insurance supervisory official of the company’s state of domicile.
- A current Annual Statement certified by the public insurance supervisory official of the company’s state of domicile, or sworn to by at least two executive officers of the Company, with a certified Actuary’s Opinion, and a copy of the Management Discussion and Analysis.
- A copy of the company’s most recent Report of Examination made by a state regulatory body certified by the public insurance supervisory official of the company’s state of domicile. This Report must not be more than three (3) years old.
- A copy of the company’s most recent audited financial statements including the accountant’s letter of qualification and the accountant’s report on internal controls.
- Appointment and authority of United States Manager certified by officer having custody of records, if an alien company.
- Fees as outlined below, as required by Idaho Department of Insurance IDAPA 18.01.02.
AUTHORIZATION FEES
Review of Application and Renewals: $ 500.00
Application fees are payable by check. Make check payable to the Idaho Department of Insurance. This fee is not refundable.
Email Applications and questions to: DOI.CompanyActivities@doi.idaho.gov
Mail Checks to (and identify the entity’s name/application therein):
Idaho Department of Insurance
700 W. State St. 3rd Floor,
PO Box 83720
Boise, Idaho 83720
Certified Reinsurers
Reinsurers may apply to become a certified reinsurer in Idaho pursuant to Idaho Code §§ 41-515 and 41-515A. Under these guidelines, credit for reinsurance shall apply only to reinsurance contracts entered into or renewed on or after the effective date of the certification of the assuming insurer.
Certification Procedure
Statute details the certification procedure for assuming insurers. The Idaho Department of Insurance utilizes the Uniform Application Checklist for Certified Reinsurers that is located on the NAIC’s website for this purpose. The link to this document is provided below.
Uniform Application Checklist for Certified Reinsurers
Forms CR-1, CR-F and CR-S
Pursuant to the certification procedures, an assuming reinsurer must submit a properly executed Form CR-1 (Certificate of Certified Reinsurer). Annually, certified reinsurers shall complete and submit Form CR-F (for property/casualty reinsurers) or Form CR-S (for life and health reinsurers). The previously mentioned CR-type forms are linked above. Instructions for these forms are located on the NAIC’s website.
AUTHORIZATION FEES
Review of Application and Renewals: $ 500.00, annual renewal fees are due between January 1 and March 1.
Application fees are payable by check. Make check payable to the Idaho Department of Insurance. This fee is not refundable.
Email Applications and questions to: DOI.CompanyActivities@doi.idaho.gov
Mail Checks to (and identify the entity’s name/application therein):
Idaho Department of Insurance
700 W. State St. 3rd Floor,
PO Box 83720
Boise, Idaho 83720
Pending Applications
Pursuant to the certification procedures, the Director shall post notice on the insurance department’s website promptly upon receipt of any application for certification, including instructions on how members of the public may respond to the application. Any members of the public who wish to respond to an application noted below shall submit written comments to the attention of:
Eric Fletcher, Company Activities Bureau Chief
Idaho Department of Insurance
700 W State St., Third Floor
PO Box 83720
Boise, ID 83720
Responses shall be received by the due date noted below. Please include specific details regarding any objections to an application.
The director may not take final action on the application until at least thirty (30) days after posting the required notice.
|
Certified Reinsurer Name |
Date Application Received |
Date Responses Due |
| – | ||
| – |
Certified Reinsurers List and their Ratings
Pursuant to statute, the Director shall publish a list of all certified reinsurers and their ratings.
| Certified Reinsurer Name | Qualified Jurisdiction | Financial Strength Rating | Effective Date |
|---|---|---|---|
| Arch Reinsurance Ltd. | Bermuda | Secure-3 | 01/04/2024 |
| Chubb European Group SE | France | Secure-2 | 12/30/2020 |
| Endurance Specialty Insurance Ltd. | Bermuda | Secure-3 | 12/30/2020 |
| Hannover Rück SE | Germany | Secure-2 | 12/10/2018 |
| Somers Re Ltd. | Bermuda | Secure-4 | 3/19/2020 |
| Fidelis Underwriting Limited | United Kingdom | Secure-4 | 12/20/2021 |
| Fidelis Insurance Bermuda Limited | Bermuda | Secure-4 | 12/20/2021 |
Financial Strength Ratings
The amount of security required in order for full credit to be allowed for an Idaho domestic insurer shall correspond with the following requirements:
| Rating | Security Required |
|---|---|
| Secure – 1 | 0% |
| Secure – 2 | 10% |
| Secure – 3 | 20% |
| Secure – 4 | 50% |
| Secure – 5 | 75% |
| Vulnerable – 6 | 100% |
Qualified Jurisdictions
Pursuant to statute, the Director shall create and publish a list of qualified jurisdictions, with regard to certified reinsurers. The list below is based on the NAIC list of qualified jurisdictions.
| Qualified Jurisdiction | (Re-Approved) Effective Date |
|---|---|
| Bermuda | 1/1/2020 |
| France | 1/1/2020 |
| Germany | 1/1/2020 |
| Ireland | 1/1/2020 |
| Japan | 1/1/2020 |
| Switzerland | 1/1/2020 |
| United Kingdom | 1/1/2020 |
Note: In addition to the list above, any U.S. jurisdictions that meet the requirement for accreditation under the NAIC financial standards and accreditation program are recognized as qualified jurisdictions pursuant to statute.
Reciprocal Jurisdictions
The Director may allow credit for reinsurance ceded by a domestic insurer to an assuming insurer licensed to write reinsurance by, and has its head office or is domiciled in, a reciprocal jurisdiction and that meets the criteria in Idaho Code §§ 41-515 and 41-515A.
Reciprocal Jurisdiction List
Pursuant to statute, the Director shall create and publish a list of reciprocal jurisdictions with regard to reciprocal jurisdiction reinsurers. The list below is based on the NAIC list of reciprocal jurisdictions.
| Reciprocal Jurisdiction | (Re-Approved) Effective Date |
|---|---|
| Bermuda | 1/1/2020 |
| Japan | 1/1/2020 |
| Switzerland | 1/1/2020 |
| – |
Reciprocal Jurisdiction Reinsurer List and Procedure
Pursuant to statute, the Director shall create and publish a list of assuming insurers and the cessions granted credit, that have satisfied the conditions set forth with regard to reciprocal jurisdictions. The list of reciprocal jurisdiction reinsurers is below.
below.
Reciprocal Jurisdiction Reinsurer Name | Effective Date | Passport Jurisdiction & Cessions |
Convex Insurance UK Limited | 1/1/2022 | Passporting State – California |
Convex Re Limited | 1/1/2022 | Passporting State – California |
DaVinci Reinsurance Ltd. | 3/4/2022 | Passporting State – Maryland |
Renaissance Reinsurance Ltd. | 3/4/2022 | Passporting State – Maryland |
Renaissance Europe AG | 3/4/2022 | Passporting State – Maryland |
Renaissance Specialty U.S. Ltd. | 3/4/2022 | Passporting State – Maryland |
Aspen Bermuda Limited | 5/26/2022 | Passporting State – Texas |
Underwriters at Lloyd’s | 1/4/2022 | Passporting State – Colorado |
Vermeer Reinsurance Ltd. Lancashire Insurance Company Limited Fidelis Underwriting Limited | 5/9/2022 1/1/2022 8/3/2022 | Passporting State – Maryland Passporting State – Colorado Passporting State – Colorado |
Hannover RE (Ireland) DAC | 1/1/2023 | Passporting State- New York |
Hannover Ruck SE | 1/1/2023 | Passporting State- New York |
Partner Reinsurance Company Ltd. | 1/1/2023 | Passporting State- Arkansas |
Arch Reinsurance Ltd | 1/1/2023 | Passporting State- Missouri |
Somers Re Ltd | 1/1/2023 | Passporting State- New Jersey |
Chubb European Group SE | 1/1/2023 | Passporting State- Pennsylvania |
Validus Reinsurance (Switzerland) Ltd | 10/1/2022 | Passporting State- Missouri |
Validus Reinsurance, Ltd | 10/1/2022 | Passporting State- Missouri |
Fidelis Insurance Bermuda Limited | 9/28/2022 | Passporting State- Colorado |
Fortitude Reinsurance Company Ltd. | 1/1/2022 | Passporting State-Texas |
Hannover Life Reassurance Company of America (Bermuda) Ltd | 11/2/2022 | Passporting State- Florida |
MAPFRE RE, Compania de Reasguros, S.A. | 7/17/2023 | Passporting State-New York |
|
Statute details the procedure for reciprocal jurisdiction, assuming insurers. The Idaho Department of Insurance utilizes the Uniform Checklist for Reciprocal Jurisdiction Reinsurers that is located on the NAIC’s website for this purpose. The link to this document is provided below.
Uniform Checklist for Reciprocal Jurisdiction Reinsurers
Form RJ-1
To satisfy the reciprocal jurisdiction criteria, or when an assuming insurer requests the Director defer to another NAIC-accredited jurisdiction, a Form RJ-1 must be completed and submitted. This form is linked above.
To reapply, utilize the same Form RJ-1. Reapplications must occur at or prior to the anniversary of the effective date established by the passporting state and which is listed above.
AUTHORIZATION FEES
Review of Application: $ 500.00. Passported applicant reapply annually at the anniversary of the effective date established by the passporting state and which is listed above.
Application fees are payable by check. Make check payable to the Idaho Department of Insurance. This fee is not refundable.
Email Applications and questions to: DOI.CompanyActivities@doi.idaho.gov
Mail Checks to (and identify the entity’s name/application therein):