Certified Reinsurers

(Last Updated: May 31, 2019)

Effective January 2, 2019, reinsurers may apply for certified status. This allows a domestic ceding company to reduce collateral requirements and still take full credit for reinsurance recoverables from a certified reinsurer for those contracts entered into or renewed after the reinsurer has obtained certified status. This rule does not prohibit parties to a reinsurance agreement from agreeing to provisions establishing collateral requirements which exceed the minimum requirements.

If an applicant has been certified as a reinsurer in an NAIC accredited jurisdiction, Michigan has the discretion to defer to the certification and collateral reduction of a reinsurer assigned by the lead state through the passporting process.


Certification Procedures - Initial and Renewal

Applicants shall submit the following for both Initial and Renewal Certification:

  1. UCAA Application Checklist for Certified Reinsurers. If applicant is certified in another accredited jurisdiction, only Part I needs to be completed.
  2. Form CR-1.
  3. Any other documentation deemed necessary for certification by the Director.
  4. Application fee of $500.

Renewal applications should be submitted by October 1 for certified status for the upcoming year.

The certified reinsurer status will run through the end of the calendar year unless otherwise determined by the Director.

Please see MCL 500.1101-500.1127 and R. 500.1122-500.1133 for the applicable law and regulation on certified reinsurers.


Forms


Pending Applications

The public is invited to submit written comments on the below applications. Pursuant to Administrative Rule 500.1131(7), the Director will not take final action until at least 30 days after notice is posted.

Comments may be submitted to:

Application Coordinator
Michigan Department of Insurance and Financial Services
530 W. Allegan St., 7th Floor
Lansing, MI  48933-1521
Email: martinl@michigan.gov

Name Date Posted
None at this time.  

Listing of Certified Reinsurers

Certified Reinsurer Federal/
Alien ID
Effective Date
of Initial
Certification
Current
Certification
Period
Secure
Level
Effective
Date of
Secure Level
Collateral
Required
Hannover Ruck SE AA-1340125 04/10/2019 04/10/2019-12/31/2019 Secure-2 04/10/2019 10%
New Reinsurance Company Ltd. AA-1460100 02/26/2019 02/26/2019-12/31/2019 Secure-2 02/26/2019 10%
Somerset Reinsurance Ltd. AA-3191332 05/30/2019 05/30/2019-12/31/2019 Secure-5 05/30/2019 75%
Wilton Reinsurance Bermuda Limited AA-3190878 05/30/2019 05/30/2019-12/31/2019 Secure-3 05/30/2019 20%
XL Bermuda Ltd. AA-3191315 05/09/2019 05/09/2019-12/31/2019 Secure-3 05/09/2019 20%

Qualified Jurisdictions

Pursuant to MCL 500.1103(6)(c), the Director is required to publish a list of qualified jurisdictions under which an assuming insurer licensed and domiciled in a qualified jurisdiction is eligible to be considered for certification by the Director as a certified reinsurer.

Qualified Jurisdictions Effective Date
Bermuda 01/01/2019
France 01/01/2019
Germany 01/01/2019
Ireland 01/01/2019
Japan 01/01/2019
Switzerland 01/01/2019
United Kingdom 01/01/2019


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 MCL 500.1103(6)(c)(iii).