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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
Corresponding Exhibit Forms
Uniform Application Checklist for Certified Reinsurers
Reciprocal Reinsurers
Uniform Application Checklist for Reciprocal Reinsurers
If you would like to provide comments regarding the application for status as a certified or reciprocal reinsurer listed herein you may email your comments to fnclmail@doi.sc.gov.
Application Notices - No current applications
Federal/Alien ID | Certified/Reciprocal Reinsurers | Domiciliary Jurisdiction | Date Posted | Response Deadline |
Currently approved
Federal/Alien ID | Certified Reinsurers | Domiciliary Jurisdiction | Duration of Certification | Lines of Business Certified to Reinsurer |
---|---|---|---|---|
AA-1340125 | Hannover Rück SE | Germany | January 1, 2023 to December 31, 2023 | Life, Annuities, Accident/Health, Property/Casualty |
AA-1320152 | Chubb European Group SE | France | January 1, 2023 to December 31, 2023 | Accident/Health, Property/Casualty |
AA-3194126 | Arch Reinsurance Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Life, Annuities, Accident/Health, Marine, Property/Casualty |
AA-3194130 | Endurance Specialty Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Life, Annuities, Accident/Health, Property/Casualty |
AA-3192150 | Somers Re Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Property/Casualty |
AA-31991289 | Fidelis Insurance Bermuda Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Property/Casualty |
AA-1120175 | Fidelis Underwriting Ltd. | United Kingdom | January 1, 2023 to December 31, 2023 | Property/Casualty |
AA-1460019 | MS Amlin AG | Switzerland | January 1, 2023 to December 31, 2023 | Property/Casualty |
Reciprocal Reinsurers | ||||
RJ-1340125 | Hannover Rück SE | Germany | January 1, 2023 to December 31, 2023 | Life, Annuities, Accident/Health, Property/Casualty |
RJ-1780044 | Hannover Re (Ireland) DAC | Ireland | January 1, 2023 to December 31, 2023 | Life & Health, Property/Casualty |
RJ-1120175 | Fidelis Underwriting Ltd. | United Kingdom | January 1, 2023 to December 31, 2023 | Property/Casualty |
RJ-3194126 | Arch Re Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Life, Annuities, Accident/Health, Property/Casualty |
RJ-3190871 | Lancashire Insurance Company Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Property/Casualty |
RJ-3191400 | Convex Re Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Property/Casualty |
RJ-1120191 | Convex Insurance UK Ltd. | United Kingdom | January 1, 2023 to December 31, 2023 | Property/Casualty |
RJ-3190686 | Partner Re Co Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Life, Annuities, Accident/Health, Property/Casualty |
RJ-3192150 | Somers Re Ltd. | Bermuda | January 1, 2023 to December 31, 2023 | Property/Casualty |
See Lloyds list | Underwriters at Lloyd's | United Kingdom | January 1, 2023 to December 31, 2023 | Property/Casualty, Life, Accident/Health |
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) |