Ga. Comp. R. & Regs. r. 120-2-78-.08
Rule 120-2-78-.08. Credit for Reinsurance-Certified Reinsurers
(1) Pursuant to O.C.G.A. § 33-7-14(a)(5), the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that has been certified as a reinsurer in this state at all times for which statutory financial statement credit for reinsurance is claimed under this section. The credit allowed shall be based upon the security held by or on behalf of the ceding insurer in accordance with a rating assigned to the certified reinsurer by the commissioner. The security shall be in a form consistent with the provisions of O.C.G.A. §§ 33-7-14(a)(5) and 33-7-14(b) and Sections 11, 12 or 13 of this Regulation. The amount of security required in order for full credit to be allowed shall correspond with the following requirements:
(a)
Ratings Security Required Secure - 1 0% Secure - 2 10% Secure - 3 20% Secure - 4 50% Secure - 5 75% Vulnerable - 6 100%
(d) In order to facilitate the prompt payment of claims, a certified reinsurer shall not be required to post security for catastrophe recoverables for a period of one year from the date of the first instance of a liability reserve entry by the ceding company as a result of a loss from a catastrophic occurrence as recognized by the commissioner. The one year deferral period is contingent upon the certified reinsurer continuing to pay claims in compliance with its contractual terms and obligations as set forth in the reinsurance agreement under which the claims are ceded. Reinsurance recoverables for only the following lines of business as reported on the NAIC annual financial statement related specifically to the catastrophic occurrence will be included in the deferral:
(2) Certification Procedure.
(c) In order to be eligible for certification, the assuming insurer shall meet the following requirements:
(3) The assuming insurer must maintain financial strength ratings from two or more rating agencies deemed acceptable by the commissioner. These ratings shall be based on interactive communication between the rating agency and the assuming insurer and shall not be based solely on publicly available information. These financial strength ratings will be one factor used by the commissioner in determining the rating that is assigned to the assuming insurer. Acceptable rating agencies include the following:
(d) Each certified reinsurer shall be rated on a legal entity basis, with due consideration being given to the group rating where appropriate, except that an association including incorporated and individual unincorporated underwriters that has been approved to do business as a single certified reinsurer may be evaluated on the basis of its group rating. Factors that may be considered as part of the evaluation process include, but are not limited to, the following:
(1) The certified reinsurer's financial strength rating from an acceptable rating agency. The maximum rating that a certified reinsurer may be assigned will correspond to its financial strength rating as outlined in the table below. The commissioner shall use the lowest financial strength rating received from an approved rating agency in establishing the maximum rating of a certified reinsurer. A failure to obtain or maintain at least two financial strength ratings from acceptable rating agencies will result in loss of eligibility for certification:
Ratings Best S&P Moody's Fitch Secure - 1 A++ AAA Aaa AAA Secure - 2 A+ AA+, AA, AA- Aa1, Aa2, Aa3 AA+, AA, AA- Secure - 3 A A+, A A1, A2 A+, A Secure - 4 A- A- A3 A- Secure - 5 B++, B+ BBB+, BBB, BBB- Baa1, Baa2, Baa3 BBB+, BBB, BBB- Vulnerable - 6 B, B-C++, C+, C, C-, D, E, F BB+, BB, BB-, B+, B, B-, CCC, CC, C, D, R Ba1, Ba2, Ba3, B1, B2, B3, Caa, Ca, C BB+, BB, BB-, B+, B, B-, CCC+, CC, CCC-, DD
(e) Based on the analysis conducted under Subparagraph (d)(5) of a certified reinsurer's reputation for prompt payment of claims, the commissioner may make appropriate adjustments in the security the certified reinsurer is required to post to protect its liabilities to U.S. ceding insurers, provided that the commissioner shall, at a minimum, increase the security the certified reinsurer is required to post by one rating level under Subparagraph (d)(1) if the commissioner finds that:
(g) The certified reinsurer must agree to meet applicable information filing requirements as determined by the commissioner, both with respect to an initial application for certification and on an ongoing basis. All information submitted by certified reinsurers which are not otherwise public information subject to disclosure shall be exempted from disclosure under O.C.G.A. § 50-18-70, et. seq. and shall be withheld from public disclosure. The applicable information filing requirements are, as follows:
(h) Change in Rating or Revocation of Certification.
(3) Qualified Jurisdictions.
(b) In order to determine whether the domiciliary jurisdiction of a non-U.S. assuming insurer is eligible to be recognized as a qualified jurisdiction, the commissioner shall evaluate the reinsurance supervisory system of the non-U.S. jurisdiction, both initially and on an ongoing basis, and consider the rights, benefits and the extent of reciprocal recognition afforded by the non-U.S. jurisdiction to reinsurers licensed and domiciled in the U.S. The commissioner shall determine the appropriate approach for evaluating the qualifications of such jurisdictions, and create and publish a list of jurisdictions whose reinsurers may be approved by the commissioner as eligible for certification. A qualified jurisdiction must agree, in writing, to share information and cooperate with the commissioner with respect to all certified reinsurers domiciled within that jurisdiction. Additional factors to be considered in determining whether to recognize a qualified jurisdiction, in the discretion of the commissioner, include but are not limited to the following:
(4) Recognition of Certification Issued by an NAIC Accredited Jurisdiction.
(6) The commissioner shall comply with all reporting and notification requirements that may be established by the NAIC with respect to certified reinsurers and qualified jurisdictions.
Credit for Reinsurance Regulation
FORM CR-1
CERTIFICATE OF CERTIFIED REINSURER
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 _____________________________________, in order to be considered for approval in this state, hereby certify that (name of state)
___________________________________________________________________________("Assuming Insurer"):
(name of assuming insurer)
9. Is in good standing as an insurer or reinsurer with the supervisor of its domiciliary jurisdiction.
Dated: ___________________________________________________________
(name of assuming insurer)
BY: ______________________________________________
(name of officer)
_________________________________________________
(title of officer)
Form CR-F - PART 1
Assumed Reinsurance as of December 31, Current Year (000 Omitted)
1 2 3 4 5 Reinsurance On 9 10 11 12 13 14 15 Company Code or ID Number Name of Reinsured Domiciliary Jurisdiction Assumed Premium 6 Paid Losses and Loss Adjustment Expenses 7 Known Case Losses and LAE 8 Cols. 6 + 7 Contingent Commissions Payable Assumed Premiums Receivable Unearned Premium Funds Held by or Deposited With Reinsured Companies Letters of Credit Posted Amount of Assets Pledged or Compensating Balances to Secure Letters of Credit Amount of Assets Pledged or Collateral Held in Trust .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .................... 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Form CR-F - PART 2
Ceded Reinsurance as of December 31, Current Year (000 Omitted)
1 2 3 4 5 6 Reinsurance Recoverable On Reinsurance Payable 18 19 Company Code or ID Number Name of Reinsurer Domiciliary Jurisdiction Reinsurance Contracts Ceding 75% or More of Direct Premiums Written Reinsurance Premiums Ceded 7 Paid Losses 8 Paid LAE 9 Known Case Loss Reserves 10 Known Case LAE Reserves 11 IBNR Loss Reserves 12 IBNR LAE Reserves 13 Unearned Premiums 14 Contingent Commissions 15 Cols. 7 through 14 Totals 16 Ceded Balances Payable 17 Other Amounts Due to Reinsurers Net Amount Recoverable From Reinsurers Cols. 15 - [16 + 17] Funds Held by Company Under Reinsurance Treaties .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. ................. ................. ................. ................. ................. ................. 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Totals
Form CR-S - PART 1 - SECTION 1
Reinsurance Assumed Life Insurance, Annuities, Deposit Funds and Other Liabilities Without Life or Disability Contingencies, and Related Benefits Listed by Reinsured Company as of December 31, Current Year
1 Company Code or ID Number 2 3 Effective Date 4 Name of Reinsured 5 Location 6 Type of Reinsurance Assumed 7 Amount of In Force at End of Year 8 Reserve 9 Premiums 10 Reinsurance Payable on Paid and Unpaid Losses 11 Modified Coinsurance Reserve 12 Funds Withheld Under Coinsurance ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... 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Totals
Form CR-S - PART 1 - SECTION 2
Reinsurance Assumed Accident and Health Insurance Listed by Reinsured Company as of December 31, Current Year
1 Company Code or ID Number 2 3 Effective Date 4 Name of Reinsured 5 Domiciliary Jurisdiction 6 Type of Reinsurance Assumed 7 Premiums 8 Unearned Premiums 9 Reserve Liability Other Than For Unearned Premiums 10 Reinsurance Payable on Paid and Unpaid Losses 11 Modified Coinsurance Reserve 12 Funds Withheld Under Coinsurance ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 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Totals
Form CR-S - PART 2
Reinsurance Recoverable on Paid and Unpaid Losses Listed by Reinsuring Company as of December 31, Current Year
1 Company Code or ID Number 2 3 Effective Date 4 Name of Company 5 Location 6 Paid Losses 7 Unpaid Losses ................... ................... ................... ................... ................... ................... ................... ................... ................... ................ ................ ................ ................ ................ ................ ................ ................ ................ .................... .................... .................... .................... .................... .................... .................... .................... .................... ............................................................................. ............................................................................. ............................................................................. ............................................................................. 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Totals-Life, Annuity and Accident and Health
Form CR-S - PART 3 - SECTION 1
Reinsurance Ceded Life Insurance, Annuities, Deposit Funds and Other Liabilities Without Life or Disability Contingencies, and Related Benefits Listed by Reinsuring Company as of December 31, Current Year
1 Company Code or ID Number 2 3 Effective Date 4 Name of Company 5 Location 6 Type of Reinsurance Ceded 7 Amount in Force at End of Year Reserve Credit Taken 10 Premiums Outstanding Surplus Relief 13 Modified Coinsurance Reserve 14 Funds Withheld Under Coinsurance 8 Current Year 9 Prior Year 11 Current Year 12 Prior Year ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... 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Totals
Form CR-S - PART 3 - SECTION 2
Reinsurance Ceded Accident and Health Insurance Listed by Reinsuring Company as of December 31, Current Year
1 Company Code or ID Number 2 3 Effective Date 4 Name of Company 5 Location 6 Type 7 Premiums 8 Unearned Premiums (Estimated) 9 Reserve Credit Taken Other than for Unearned Premiums Outstanding Surplus Relief 12 Modified Coinsurance Reserve 13 Funds Withheld Under Coinsurance 10 Current Year 11 Prior Year ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... 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Totals
Authority: O.C.G.A. §§ 33-2-9, 33-63.
History. Original Rule entitled "Severability" adopted. F. Jul. 9, 1997; eff. July 29, 1997.
Repealed: New Rule entitled "Credit for Reinsurance--Certified Reinsurers" adopted. F. May 23, 2013; eff. June 12, 2013.
Amended: F. Sept. 20, 2023; eff. Aug. 1, 2023, as specified by the Agency.