Official Government Website

Reinsurers

Credit for Reinsurance is regulated pursuant to Idaho Code § 41-515 and Idaho Code § 41-515A.

All forms regarding Credit for Reinsurance include Forms:

AR-1

CR-1

CR-F Part 1

CR-F Part 2

CR-S Part 1 – Section 1

CR-S Part 1 – Section 2

CR-S Part 2

CR-S Part 3 – Section 1

CR-S Part 3 – Section 2

RJ-1

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:

  1. Properly execute and file Form AR-1 (linked above)
  2. And file: a current Certificate of Compliance certified by the public insurance supervisory official of the company’s state of domicile.
  3. 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.
  4. 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.
  5. 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.
  6. Appointment and authority of United States Manager certified by officer having custody of records, if an alien company.
  7. 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.BermudaSecure-301/04/2024
 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

Convex Insurance UK Limited1/1/2022Passporting State – California
Convex Re Limited1/1/2022Passporting State – California
DaVinci Reinsurance Ltd.3/4/2022Passporting State – Maryland
Renaissance Reinsurance Ltd.3/4/2022Passporting State – Maryland
Renaissance Europe AG3/4/2022Passporting State – Maryland
Renaissance Specialty U.S. Ltd.3/4/2022Passporting State – Maryland
Aspen Bermuda Limited5/26/2022Passporting State – Texas
Underwriters at Lloyd’s1/4/2022Passporting 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) DAC1/1/2023Passporting State- New York
Hannover Ruck SE1/1/2023Passporting State- New York
Partner Reinsurance Company Ltd.1/1/2023Passporting State- Arkansas
Arch Reinsurance Ltd1/1/2023Passporting State- Missouri
Somers Re Ltd1/1/2023Passporting State- New Jersey
Chubb European Group SE1/1/2023Passporting State- Pennsylvania
Validus Reinsurance (Switzerland) Ltd10/1/2022Passporting State- Missouri
Validus Reinsurance, Ltd10/1/2022Passporting State- Missouri
Fidelis Insurance Bermuda Limited9/28/2022Passporting State- Colorado
Fortitude Reinsurance Company Ltd.1/1/2022Passporting State-Texas
Hannover Life Reassurance Company of America (Bermuda) Ltd11/2/2022Passporting State- Florida
MAPFRE RE, Compania de Reasguros, S.A.7/17/2023 Passporting State-New York

DEVK RE                                                   2/16/2024  Passport State – Germany

MS Amlin AG                                            2/21/2024  Passporting State – Switzerland

Endurance Specialty Insurance Ltd.    4/22/2024  Passporting State – Bermuda

Have more questions?

Contact the Company Activities team:

ver: 3.5.2a | last updated: