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: $ 500.00

Application fees are payable by check. Make check payable to the Idaho Department of Insurance.  This fee is not refundable.

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.


 

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
No pending application at this time.
   

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 Due Date
 Arch Reinsurance Ltd. Bermuda Secure-3 01/04/2019
 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
 Watford Re Ltd. Bermuda Secure-4 3/19/2020

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
Bermuda1/1/2020
Japan1/1/2020
Switzerland 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 reciprocal jurisdictions pursuant to statute.
 

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.

 Reciprocal Jurisdiction Reinsurer Name Date Listed Jurisdiction & Cessions Granted Credit
None at this time.
   

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.

Have more questions?

Contact the Company Activities team:

ver: 3.4.0 | last updated: