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Frequently Asked Questions
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(Last Updated: April 1, 2022)
Reinsurers may apply for status as a reciprocal jurisdiction reinsurer. A reinsurer that is licensed to write reinsurance by, and has its head office or is domiciled in a reciprocal jurisdiction is not required to post reinsurance collateral if the reinsurer meets all of the requirements of the Credit for Reinsurance laws. Please see MCL 500.1101 to 500.1127 and R. 500.1134 for the law and administrative rules applicable to reciprocal jurisdiction reinsurers.
If an applicant has been recognized as a reciprocal jurisdiction reinsurer in an NAIC accredited jurisdiction, Michigan has the discretion to defer to that lead state's determination through the passporting process.
Applicants shall submit the following for both initial and annual renewal applications:
Renewal applications should be submitted by October 1 to maintain the reinsurer's status for the upcoming year.
The reciprocal jurisdiction reinsurer status will run through the end of the calendar year unless otherwise determined by the Director.
Pursuant to MCL 500.1103(9) and R 500.1134(5), the Director is required to publish a list of reinsurers that have satisfied the conditions established in applicable law for recognition as a reciprocal jurisdiction reinsurer.
|
Reciprocal Jurisdiction Reinsurer |
Federal/ Alien ID |
Initial Effective Date |
Current Expiration Date |
|---|---|---|---|
| Aspen Bermuda Limited | AA-3194168 | 03/31/2022 | 12/31/2022 |
|
Canada Life International Reinsurance Corporation Limited |
AA-3191430 |
11/05/2021 |
12/31/2022 |
| Convex Insurance UK Limited | AA-1120191 | 01/01/2022 | 12/31/2022 |
| Convex Re Limited | AA-3191400 | 01/01/2022 | 12/31/2022 |
| DaVinci Reinsurance Ltd. | AA-3194122 | 02/02/2022 | 12/31/2022 |
| Renaissance Reinsurance Ltd. | AA-3190339 | 02/02/2022 | 12/31/2022 |
| RenaissanceRe Europe AG | AA-1460023 | 02/02/2022 | 12/31/2022 |
| RenaissanceRe Specialty U.S. Ltd. | AA-3191238 | 02/02/2022 | 12/31/2022 |
| Underwriters at Lloyds | various (see Lloyds list) |
03/31/2022 | 12/31/2022 |
Pursuant to MCL 500.1103(8) and R 500.1134(4), the Director is required to publish a list of reciprocal jurisdictions.
Non-U.S. jurisdictions that are subject to an in-force covered agreement with the United States, or in the case of a covered agreement between the United States and European Union, is a member state of the European Union, shall be recognized by the Director as a reciprocal jurisdiction.
|
Reciprocal Jurisdictions |
|---|
|
Bermuda |
|
Japan |
|
Switzerland |
NOTE: In addition to the list above, any U.S. jurisdiction that meets the requirements for accreditation under the NAIC financial standards and accreditation program are recognized as reciprocal jurisdictions pursuant to MCL 500.1103(8)(a).
