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

Form CR-1

Form CR-F

Form CR-F Instructions

Form CR-S

Form CR-S Instructions

Reciprocal Reinsurers

Uniform Application Checklist for Reciprocal Reinsurers

RJ-1

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

Currently approved

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.