Certified Reinsurers




Certified Reinsurers

Effective February 21, 2018, reinsurers may apply to become a certified reinsurer in Wyoming pursuant to Wyoming Statute § 26-5-112(a)(vi) and Chapter 50, Section 8 of the Wyoming Insurance Department’s Regulations. 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

Chapter 50, Section 8(b) of the Wyoming Insurance Department’s Regulations details the certification procedure for assuming insurers. The Wyoming Insurance Department 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.
http://www.naic.org/documents/committees_e_reinsurance_related_uniform_application_checklist_for_cert_reins.pdf?311


Forms CR-1, CR-F and CR-S

Pursuant to Chapter 50, Section 8(b)(vi) of the Wyoming Insurance Department’s Regulations, an assuming reinsurer shall submit a properly executed Form CR-1 as evidence of its submission to the jurisdiction of Wyoming, appointment of the commissioner as an agent for service of process in Wyoming, and agreement to provide security for one hundred percent (100%) of the assuming insurer’s liabilities attributable to reinsurance ceded by U.S. ceding insurers if it resists enforcement of a final U.S. judgment. 

Form CR-1 (Certificate of Certified Reinsurer)

Pursuant to Chapter 50, Section 8(b)(vii)(B) of the Wyoming Insurance Department’s Regulations, certified reinsurers shall annually complete Form CR-F (for property/casualty reinsurers) or Form CR-S (for life and health reinsurers).

Form CR-F (Property/Casualty Reinsurers)

Form CR-S (Life and Health Reinsurers)

Instructions for these forms are located on the NAIC’s website.


Pending Applications

Pursuant to Chapter 50, Section 8(b)(i) of the Wyoming Insurance Department’s Regulations, the commissioner 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: 

Linda Johnson, Chief Examiner
Wyoming Insurance Department
106 East 6th Avenue
Cheyenne, WY 82002 

Responses shall be received by the due date noted below. Please include specific details regarding any objections to an application.  

The commissioner 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



 
   
   
   
   
   






List of Current Certified Reinsurers and their Ratings

Pursuant to Wyoming Statute § 26-5-112(a)(vi)(D) and Chapter 50, Section 8(b)(ii) of the Wyoming Insurance Department’s Regulations, the commissioner shall publish a list of all certified reinsurers and their ratings.  

 


 

Certified Reinsurer Name

 
Qualified
Jurisdiction


 

Financial Strength Rating

 

Effective Date

 Hannover Rück SE         Germany     Secure-2 04/24/2018
 Arch Reinsurance Ltd. Bermuda Secure-3 06/05/2018
    
    
    
    
    



Financial Strength Ratings 

The amount of security required in order for full credit to be allowed for a Wyoming 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 Wyoming Statute § 26-5-112(a)(vi)(C) and Chapter 50, Section 8 (c)(ii) of the Wyoming Insurance Department Regulations, the commissioner shall create and publish a list of qualified jurisdictions, under which an assuming insurer licensed and domiciled in such jurisdiction is eligible to be considered for certification by the commissioner as a certified reinsurer. In addition, Chapter 50, Section 8(c)(iii) of the Wyoming Insurance Department’s Regulations states that the commissioner shall consider the list of qualified jurisdictions published through the NAIC committee process. The list below is based on the NAIC list of qualified jurisdictions.


Qualified Jurisdiction

Effective Date

Bermuda

2/21/2018

France

2/21/2018

Germany

2/21/2018

Ireland

2/21/2018

Japan

2/21/2018

Switzerland

2/21/2018

United Kingdom

2/21/2018

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 Wyoming Statute § 26-5-112(a)(vi)(C)(III).