50 Ill. Adm. Code 1104.APPENDIX B
B Form CR-1 Certificate of Certified Reinsurer
Section 1104.APPENDIX B
Form
CR-1
Certificate of Certified Reinsurer
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
,
(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
for the adjudication of any issues arising out
(ceding
insurer's state of domicile)
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. 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 U.S. or of any state in the U.S. 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.
2.
Designates the Insurance Commissioner of
(ceding insurer's state of domicile)
as its lawful attorney upon whom may be served any lawful
process in any action, suit or
proceeding arising out of the reinsurance agreement instituted
by or on behalf of the ceding insurer.
3.
Agrees to provide security in an amount equal to 100% of
liabilities attributable to U.S.
ceding insurers if it resists enforcement of a final U.S.
judgment or properly enforceable
arbitration award.
4.
Agrees to provide notification to the Illinois Department
of Insurance within 10 days after any regulatory actions taken against it, any
change in the provisions of its domiciliary license, or any change in its
rating by an approved rating agency, including a statement describing the changes
and the reasons for the changes.
5.
Agrees to annually file with the Illinois Department of
Insurance information comparable
to relevant provisions of the NAIC financial statement
for use by insurance markets in
accordance with Section 173.1(1)(C-5)(5)(c) and (d) of
the Illinois Insurance Code [215
ILCS 5].
6.
Agrees to annually file with the Illinois Department of
Insurance the report of the independent auditor on the financial statements
of the insurance enterprise.
7.
Agrees to annually file with the Illinois Department of
Insurance audited financial statements, regulatory filings, and actuarial opinion
in accordance with 50 Ill. Adm. Code 1104.45(b)(7)(D).
8.
Agrees to annually file with the Illinois Department of
Insurance an updated list of all disputed and overdue reinsurance claims regarding
reinsurance assumed from U.S. domestic ceding insurers.
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)