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Credit for Reinsurance
In order to be eligible as a certified reinsurer in South Carolina, an assuming insurer must meet the following requirements:
- Domiciled and licensed as an insurer or reinsurer in a “qualified jurisdiction”
- Maintain minimum capital and surplus of no less than $250,000,000
- Maintain financial strength ratings from two or more rating agencies deemed acceptable to the Commissioner
- Agree to submit to the jurisdiction of South Carolina
- Submit financial information for regulatory review
- Satisfy other requirements established by the Commissioner
If you would like to provide comments regarding the application for status as a certified reinsurer listed herein you may email your comments to fnclmail@doi.sc.gov.
Currently no renewal applications.
Uniform Application Checklist for Certified Reinsurers
Currently approved
| Federal/Alien ID | Certified Reinsurers | Domiciliary Jurisdiction | Duration of Certification | Rating | Lines of Business Certified to Reinsurer |
|---|---|---|---|---|---|
| AA-1340125 | Hannover Rück SE | Germany | January 1, 2021 to December 31, 2021 | Secure 2 | Life, Annuities, Accident/Health, Property/Casualty |
| AA-1320152 | Chubb European Group SE | France | January 1, 2021 to December 31, 2021 | Secure 2 | Accident/Health, Property/Casualty |
| AA-3194126 | Arch Reinsurance Ltd. | Bermuda | January 1, 2021 to December 31, 2021 | Secure 3 | Life, Annuities, Accident/Health, Marine, Property/Casualty |
| AA-3194130 | Endurance Specialty Ltd. | Bermuda | January 1, 2021 to December 31, 2021 | Secure 3 | Life, Annuities, Accident/Health, Property/Casualty |
| AA-3192150 | Watford Re Ltd. | Bermuda | January 1, 2021 to December 31, 2021 | Secure 4 | Property/Casualty |
Listing of Qualified Jurisdictions
Pursuant to the NAIC Credit for Reinsurance Model Law (#785), S.C. Code 38-9-200 and S.C. Regulation 69-53, U.S. jurisdictions that meet the requirement for accreditation under the NAIC financial standards and accreditation program shall be recognized as qualified jurisdictions.
| Jurisdiction | Regulatory Authority |
|---|---|
| Bermuda | The Bermuda Monetary Authority (BMA) |
| France | Autorité Contrôle Prudentiel et de Résolution (ACPR) |
| Germany | German Federal Financial Supervisory Authority (BaFin) |
| Ireland | Central Bank of Ireland (Central Bank) |
| Japan | Financial Services Agency of Japan (FSA) |
| Switzerland | The Swiss Financial Market Supervisory Authority (FINMA) |
| United Kingdom | The Prudential Regulation Authority of the Bank of England (PRA) |