Federal/
Alien ID
Certified reinsurers Jurisdiction Effective date of initial certification Certification Expiration Date Financial strength rating Lines of business certified to reinsure
AA-3190005 American International Reinsurance Company, Ltd. Bermuda July 1, 2016 Dec. 31, 2017 Secure-3 (20% collateral) Life, annuities, accident/health, property/casualty
AA-3194126 Arch Reinsurance Ltd. (Bermuda) Bermuda Jan. 1, 2014 Dec. 31, 2017 Secure-3 (20% collateral) Life, annuities, accident/health, property/casualty
AA-3194130 Endurance Specialty Insurance, Ltd Bermuda Jan. 1, 2016 Dec. 31, 2016 Secure-4 (50% collateral) Property/casualty
AA-1340125 Hannover Rück SE Germany Jan. 1, 2015 Dec. 31, 2016 Secure-2 (10% collateral) Accident/health, property/casualty
AA-1120845 Legal and General Assurance Society, Ltd. United Kingdom Oct. 1, 2016 Dec. 31, 2017 Secure-2 (10% collateral) Life, annuities, accident/health
AA-3190950 Maiden Reinsurance Company, Ltd. Bermuda Oct. 1, 2016 Dec. 31, 2017 Secure-5 (75% collateral) Property/casualty
AA-3191275 RGA Americas Reinsurance Co. Ltd. Bermuda Oct. 1, 2014 Dec. 31, 2017 Secure-3 (20% collateral) Life, annuities, accident/health,
AA-1460146 Swiss Re Company Ltd. Switzerland Jan. 1, 2014 Dec. 31, 2017 Secure-2 (10% collateral) Life, annuities, accident/heath, property/casualty
AA-1460021

Swiss Re Corporate Solutions Ltd.

 

 

Switzerland

 

Jan. 1, 2017

Dec. 31, 2017

Secure-2 (10% collateral)

Life, annuities, accident/health, property/casualty

Jan. 1, 2014 Dec. 31, 2016 Secure-3 (20% collateral) Life, annuities, accident/health, property/casualty
AA-3190838 Tokio Millenium AG Bermuda July 1, 2015 Dec 31, 2016 Secure-3 (20% collateral) Property/casualty
AA-3190878 Wilton Reinsurance Bermuda, LTD Bermuda Jan. 1, 2016 Dec. 31, 2016 Secure-3 (20% collateral) Life, annuities

Certified reinsurers whose rating has changed or status was suspended, revoked, or withdrew during past year:
Effective 1/1/2017 Swiss Re Corporate Solutions, Ltd. was Upgraded from Secure 3 (20% collateral) to Secure 2 (10% collateral)

Applicants seeking certified reinsurer status:
None at this time.

Certified reinsurers seeking renewal status:
Hannover Ruck, SE

CONTACT:
Laurie Pleus, CPA, ARe (Associate in Reinsurance)

Reinsurance Examiner
Missouri DIFP
301 W. High St., Suite 530
Jefferson City, MO  65101
Laurie.Pleus@insurance.mo.gov
573-526-2797

Non-US Qualified Jurisdictions

Bermuda
France
Germany
Ireland
Japan
Switzerland
United Kingdom

Certified Reinsurer Information

Pursuant to §375.246 of Missouri’s credit for reinsurance law and regulation 20 CSR 200-2.100 (6), any unauthorized assuming insurer or any alien group of insurers that meets the department’s requirements may qualify as a certified reinsurer. Depending on the financial strength rating granted by the department, a certified reinsurer will be allowed to post less than 100 percent collateral and still enable an authorized insurer to qualify for full reserve credit with respect to reinsurance contracts renewed or entered into, on or after Jan. 1, 2014, or the date the reinsurer becomes certified.

Financial strength rating granted by the Department Minimum amount withheld for full credit
Secure-1   0%
Secure-2 10%
Secure-3 20%
Secure-4 50%
Secure-5 75%
Vulnerable-6 100%

Initial and annual filing requirements to qualify as certified reinsurer

  1. Company submits an initial application accompanied by a filing fee of $750 and shall pay an annual filing fee of $250 for each year thereafter. An additional $50 filing fee is required for initial and renewal applications in which the reinsurer request certification in both Life, Annuity and Accident & Health lines of business as well as Property and Casualty lines of business. Please email Laurie Pleus to obtain a copy of the application form.
  2. Company must be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction.
  3. Company maintains capital and surplus, or its equivalent, of no less than $250 million.
  4. Company maintains a financial strength rating from two or more acceptable rating agencies. The ratings shall be based on interactive communication between the rating agency and the assuming insurer. An acceptable rating agency is:
    • Standard & Poor's.
    • Moody's Investors Service.
    • Fitch Ratings.
    • A.M. Best Company.
    • Any other nationally recognized statistical rating organization acceptable to the Director.
  5. An assuming insurer applying to be a certified reinsurer shall agree to post 100 percent security upon the entry of an order of rehabilitation, liquidation or conservation against the ceding insurer for the benefit of the ceding insurer or its estate.
  6. For a certified reinsurer domiciled in the United States, the most recent applicable NAIC Annual Statement Blank, and either Schedule F (for a property/casualty reinsurer) or Schedule S (for a life or health reinsurer).
  7. For a certified reinsurer not domiciled in the United States, the most recent Form CR-F (for a property/casualty reinsurer) or Form CR-S (for a life or health reinsurer), as such forms shall be prescribed by the Director.
  8. Disclose past, current or pending regulatory actions against the certified reinsurer.
  9. Provide a list, by cedent, of all overdue reinsurance claims payable that are more than 90 days past due or are in dispute regarding reinsurance assumed by the applicant from U.S. domestic ceding insurers. Identify whether any of the listed cedents are in administrative supervision or receivership.
  10. Provide report of the independent auditor on the financial statements of the certified reinsurer.
  11. For a certified reinsurer not domiciled in the United States, audited financial statements, (i.e., audited United States GAAP basis if available; audited IFRS basis statements including an audited footnote reconciling equity and net income to a United States GAAP basis; or with the permission of the Director, audited IFRS statements with reconciliation to United States GAAP certified by an officer of the company), regulatory financial statement filings, and actuarial opinion as filed with the non-United States jurisdiction supervisor. Upon the initial application for certification, the insurer shall provide the Director with audited financial statements filed with its non-United States jurisdiction supervisor for at least the previous three years.
  12. Disclose the liquidation priority of obligations to a ceding insurer in the certified reinsurer's domiciliary jurisdiction in the context of an insolvency proceeding.
  13. Disclose a certified reinsurer's past or current participation in any solvent scheme of arrangement, or similar procedure that involves U.S. ceding insurers. A certified reinsurer that proposes participation by the certified reinsurer in a solvent scheme of arrangement shall provide the Director with prior notice of such scheme as early as practicable.
  14. Submit a properly executed Form CR-1 on a form prescribed by the Director as evidence of its submission to the jurisdiction of this state.
  15. Submit a certification from its domestic regulator that the certified reinsurer is in good standing and maintains capital in excess of the jurisdiction's highest regulatory action level.
  16. The reinsurer must agree that all reinsurance contracts will include the provisions required by Regulation 20 CSR 200-2.100(6)(E).