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OVERVIEW
Effective July 1, 2021, reinsurers may qualify to become reciprocal jurisdiction reinsurers in accordance with W.S. § 26-5-112(a)(vii) ↗ and Chapter 50*, Section 9 of the Wyoming Department of Insurance’s Regulations. Under these guidelines, credit for reinsurance will be granted to a Wyoming domestic insurer when reinsurance is ceded to an assuming insurer that has its head office or is domiciled in a reciprocal jurisdiction, as applicable, and is licensed in a reciprocal jurisdiction, provided the assuming insurer complies with the requirements in W.S. § 26-5-112(a)(vii) ↗ and Chapter 50*, Section 9 of the Wyoming Department of Insurance’s Regulations.
Under these guidelines, credit for reinsurance may be taken only for reinsurance agreements entered into, amended, or renewed on or after July 1, 2021, and only with respect to losses incurred and reserves reported on or after the later of the date on which the assuming insurer has met all eligibility requirements and the effective date of the new reinsurance agreement, amendment or renewal.
UNIFORM CHECKLIST FOR RECIPROCAL JURISDICITION REINSURERS
The Wyoming Department of Insurance utilizes the Uniform Checklist for Reciprocal Jurisdiction Reinsurers↗ for the purpose of recognizing Reciprocal Jurisdiction Reinsurers.
FORM RJ-1
Pursuant to Chapter 50*, Section 9(c)(iv) of the Wyoming Department of Insurance’s Regulations, each assuming insurer shall submit a properly executed Form RJ-1* to the commissioner.
RECIPROCAL JURISDICTIONS
Pursuant to Wyoming Statute § 26-5-112(a)(vii)(J) ↗ and Chapter 50*, Section 9(d) of the Wyoming Department of Insurance’s Regulations, the commissioner shall create and publish a list of approved reciprocal jurisdictions. The list below shows the reciprocal jurisdictions that have been recognized by the commissioner and the NAIC.
LIST OF RECIPROCAL JURISDICTION REINSURERS
Pursuant to Wyoming Statute § 26-5-112(a)(vii)(K) ↗ and Chapter 50*, Section 9(e) of the Wyoming Department of Insurance’s Regulations, the commissioner shall timely create and publish a list of assuming insurers that have satisfied the conditions set forth in W.S. § 26-5-112(a)(vii) ↗ and Chapter 50*, Section 9 of the Wyoming Department of Insurance’s Regulations and to which cessions will be granted credit.
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) ↗.
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