Public Notice – Pursuant to Title 365:25-7-73
(1) The Commissioner shall post notice on the Oklahoma 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. The Commissioner may not take final action on the application until at least thirty (30) days after posting the notice required by this paragraph.
The below listed companies have applied to become a Certified Reinsurer in Oklahoma:
|XL Bermuda Ltd.
If you would like to respond to this application, please contact Diane Carter at email@example.com within 30 days of the company posting date.
(2) The Commissioner shall issue written notice to an assuming insurer that has made application and been approved as a certified reinsurer. Included in such notice shall be the rating assigned the certified reinsurer in accordance with (a) of this section. The Commissioner shall publish a list of all certified reinsurers and their ratings. (1) If, upon conducting an evaluation under this section with respect to the reinsurance supervisory system of any non-U.S. assuming insurer, the Commissioner determines that the jurisdiction qualifies to be recognized as a qualified jurisdiction, the Commissioner shall publish notice and evidence of such recognition in an appropriate manner.
The below listed companies have been approved as Certified Reinsurers in Oklahoma for the current year:
|Arch Reinsurance Ltd.
|Chubb European Group SE
|Endurance Specialty Insurance, Ltd
|Fidelis Insurance Bermuda Limited
|Fidelis Underwriting Limited
|Hannover Rück SE
|Somers Re Ltd
|Swiss Reinsurance Company Ltd
|TransRe London Limited
|XL Bermuda Ltd
(3) The Commissioner shall consider the list of qualified jurisdictions published through the NAIC Committee Process in determining qualified jurisdictions. If the Commissioner approves a jurisdiction as qualified that does not appear on the list of qualified jurisdictions, the Commissioner shall provide thoroughly documented justification with respect to the criteria provided under (c)(2)(A) through (I) of this section.
(4) U.S. jurisdictions that meet the requirements for accreditation under the NAIC financial standards and accreditation program shall be recognized as qualified jurisdictions.
As stated in (3) and (4) above, the list of qualified jurisdictions published through the NAIC Committee Process and all accredited states are included as a qualified jurisdictions.
Reciprocal Jurisdiction Reinsurer:
Pursuant to 36§ 5122(G)(1)(a), “reciprocal jurisdiction” is a jurisdiction that is one of the following:
(1) a non-United States jurisdiction that is subject to an in-force, covered agreement with the United States, each within its legal authority, or, in the case of a covered agreement between the United States and the European Union, is a member state of the European Union. For purposes of this subparagraph, a “covered agreement” is an agreement entered into pursuant to Dodd-Frank Wall Street Reform and Consumer Protection Act, 31 U.S.C. Sections 313 and 314, that is currently in effect or in a period of provisional application and addresses the elimination, under specified conditions, of collateral requirements as a condition for entering into any reinsurance agreement with a ceding insurer domiciled in this state or for allowing the ceding insurer to recognize credit for reinsurance,
(2) a United States jurisdiction that meets the requirements for accreditation under the National Association of Insurance Commissioners financial standards and accreditation program, or
(3) a qualified jurisdiction, as determined by the Commissioner pursuant to subparagraph a of paragraph 3 of subsection F of this section, that is not otherwise described in division 1 or 2 of subparagraph a of paragraph 1 of this subsection and meets additional requirements consistent with the terms and conditions of in-force, covered agreements, as specified by the Commissioner in rules.
Effective May 31, 2022 and pursuant to OAC 365:25-7-74(d), the Commissioner shall timely create and publish a list of reciprocal jurisdictions. A list of reciprocal jurisdictions is published through the National Association of Insurance Commissioners Committee Process. The Commissioner’s list shall include any Reciprocal Jurisdiction as defined under Section (b)(1) and (2), and shall consider any other Reciprocal Jurisdiction included on the NAIC list. The Commissioner may approve a jurisdiction that does not appear on the NAIC list of Reciprocal Jurisdictions as provided by applicable law, regulation, or in accordance with criteria published through the NAIC Committee Process. The following is the list of Reciprocal Jurisdictions approved by the Commissioner and the NAIC: Approved Reciprocal Jurisdictions
Pursuant to OAC 365:25-7-74(e), the Commissioner shall timely create and publish a list of assuming insurers that have satisfied the conditions set forth in this section and to which cessions shall be granted credit in accordance with this section. If an NAIC accredited jurisdiction has determined that the conditions set forth in Subsection (c) have been met, the Commissioner has the discretion to defer to that jurisdiction’s determination, and add such assuming insurer to the list of assuming insurers to which cessions shall be granted credit in accordance with this subsection. The Commissioner may accept financial documentation filed with another NAIC accredited jurisdiction or with the NAIC in satisfaction of the requirements of Subsection (c). When requesting that the Commissioner defer to another NAIC accredited jurisdiction’s determination, an assuming insurer must submit a properly executed Form RJ-1 and additional information as the Commissioner may require. A state that has received such a request will notify other states through the NAIC Committee Process and provide relevant information with respect to the determination of eligibility.
A reciprocal jurisdiction reinsurer requesting Oklahoma to act as its “Lead State” must complete and submit a full application, meaning Section I of the Uniform Checklist for Reciprocal Jurisdiction Reinsurers and file all of the necessary corresponding information detailed in that section of the checklist. Reciprocal jurisdiction reinsurers who have established their “Lead State” with an accredited jurisdiction other than Oklahoma, whose initial application has been reviewed by the Reinsurance Financial Analysis (E) Working Group (ReFAWG) and would like their reciprocal jurisdiction reinsurer status to be recognized in Oklahoma should file a passport application, meaning complete and submit Section II on the Uniform Checklist for Reciprocal Jurisdiction Reinsurers and file all of the necessary corresponding information detailed in that section of the checklist.
The following is the approved list of Reciprocal Jurisdiction Reinsurers for Oklahoma:
|Reciprocal Jurisdiction Reinsurer
|SEE NAIC LISTING OF CERTIFIED AND RECIPROCAL JURISDICTION REINSURERS.