United States:
Minnesota Implements The 2011 Naic Credit For Reinsurance Model Law And Regulations
31 May 2018
Carlton Fields
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On May 8, 2018, the governor of Minnesota signed H.F. 3622, a
bill implementing the 2011 NAIC Credit for Reinsurance Model Law
and Regulations. The bill creates a new classification of
reinsurer: the "certified reinsurer." A certified
reinsurer does not need to be licensed as an insurer in Minnesota
or any other state. However, it must hold assets between 0 and 100%
of its reinsurance obligations, depending on its financial
stability, and meet recordkeeping and other requirements provided
in the bill. The bill allows a domestic ceding insurer to receive
credit for risk transferred to a certified reinsurer. The bill
takes effect on January 1, 2019, and will apply to reinsurance
contracts entered into or renewed on or after that date. Minnesota H.F. 3622 (signed 5/8/2018) (legislative analysis).
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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