CERTIFIED REINSURERS
OVERVIEW
Effective February 21, 2018, reinsurers may apply to become a certified reinsurer in Wyoming pursuant to W.S. § 26-5-112 ↗(a)(vi) and Chapter 50*, Section 8 of Wyoming Insurance 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 ↗.
FORMS CR-1, CR-F, AND CR-S
Pursuant to Chapter 50*, Section 8(b)(vi) of Wyoming Insurance 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.
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 instructions:
PENDING APPLICATIONS
Pursuant to Chapter 50*, Section 8(b)(i) of Wyoming Insurance 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:
Wyoming Department of Insurance
ATTN: Tracy McEwen, Chief Financial Examiner
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.
LIST OF CURRENT CERTIFIED REINSURERS AND THEIR RATINGS
Pursuant to W.S. § 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.
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:
QUALIFIED JURISDICTIONS
Pursuant to W.S. § 26-5-112 ↗(a)(vi)(C) and Chapter 50*, Section 8 (c)(ii) of Wyoming Insurance 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 Wyoming Insurance 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.
NOTE: In addition to the list above, any US jurisdictions that meet the requirement for accreditation under the NAIC financial standards and accreditation program are recognized as qualified jurisdictions pursuant to W.S. § 26-5-112 ↗(a)(vi)(C)(III).