D.C. Mun. Regs. tit. 26, subtit. 26-A, ch. 26-A28, form RJ-1

Current through Register Vol. 71, No. 49, December 6, 2024

Form RJ-1 - CERTIFICATE OF REINSURER DOMICILED IN RECIPROCAL JURISDICTION

I, ________________________________________________________,

(name of officer)

(title of officer)

of __________________________________________________________, the assuming insurer

(name of assuming insurer)

under a reinsurance agreement with one or more insurers domiciled in____________________,

(name of state)

in order to be considered for approval in this state, hereby certify that

_____________________________________("Assuming Insurer"):

(name of assuming insurer)

1. Submits to the jurisdiction of any court of competent jurisdiction in [Name of State] for the adjudication of any issues arising out of the reinsurance agreement, agrees to comply with all requirements necessary to give such court jurisdiction, and will abide by the final decision of such court or any appellate court in the event of an appeal. The assuming insurer agrees that it will include such consent in each reinsurance agreement, if requested by the commissioner. Nothing in this paragraph constitutes or should be understood to constitute a waiver of assuming insurer's rights to commence an action in any court of competent jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or of any state in the United States. This paragraph is not intended to conflict with or override the obligation of the parties to the reinsurance agreement to arbitrate their disputes if such an obligation is created in the agreement, except to the extent such agreements are unenforceable under applicable insolvency or delinquency laws.

2. Designates the Insurance Commissioner of [Name of State] as its lawful attorney in and for the [Name of State] upon whom may be served any lawful process in any action, suit or proceeding in this state arising out of the reinsurance agreement instituted by or on behalf of the ceding insurer.

3. Agrees to pay all final judgments, wherever enforcement is sought, obtained by a ceding insurer, that have been declared enforceable in the territory where the judgment was obtained.

4. Agrees to provide prompt written notice and explanation if it falls below the minimum capital and surplus or capital or surplus ratio, or if any regulatory action is taken against it for serious noncompliance with applicable law.

5. Confirms that it is not presently participating in any solvent scheme of arrangement, which involves insurers domiciled in [Name of State]. If the assuming insurer enters into such an arrangement, the assuming insurer agrees to notify the ceding insurer and the commissioner, and to provide 100% security to the ceding insurer consistent with the terms of the scheme.

6. Agrees that in each reinsurance agreement it will provide security in an amount equal to 100% of the assuming insurer's liabilities attributable to reinsurance ceded pursuant to that agreement if the assuming insurer resists enforcement of a final U.S. judgment, that is enforceable under the law of the territory in which it was obtained, or a properly enforceable arbitration award whether obtained by the ceding insurer or by its resolution estate, if applicable.

7. Agrees to provide the documentation in accordance with [cite relevant provision of the state equivalent of Section 9 C(5) of the Credit for Reinsurance Model Regulation], if requested by the commissioner.

Dated: ___________________________

_________________________________________________

(name of assuming insurer)

BY: ______________________________________________

(name of officer)

_________________________________________________

(title of officer)

D.C. Mun. Regs. tit. 26, subtit. 26-A, ch. 26-A28, form RJ-1

Final Rulemaking published at 69 DCR 15557 (12/30/2022)