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

CR-1

Currently approved

Federal/Alien IDCertified ReinsurersDomiciliary JurisdictionDuration of CertificationRatingLines of Business Certified to Reinsurer
AA-1340125Hannover Rück SEGermanyJanuary 1, 2021 to December 31, 2021Secure 2Life, Annuities, Accident/Health, Property/Casualty
AA-1320152Chubb European Group SEFranceJanuary 1, 2021 to December 31, 2021Secure 2Accident/Health, Property/Casualty
AA-3194126Arch Reinsurance Ltd.BermudaJanuary 1, 2021 to December 31, 2021Secure 3Life, Annuities, Accident/Health, Marine, Property/Casualty
AA-3194130Endurance Specialty Ltd.BermudaJanuary 1, 2021 to December 31, 2021Secure 3Life, Annuities, Accident/Health, Property/Casualty
AA-3192150Watford Re Ltd.BermudaJanuary 1, 2021 to December 31, 2021Secure 4Property/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.

JurisdictionRegulatory Authority
BermudaThe Bermuda Monetary Authority (BMA)
FranceAutorité Contrôle Prudentiel et de Résolution (ACPR)
GermanyGerman Federal Financial Supervisory Authority (BaFin)
IrelandCentral Bank of Ireland (Central Bank)
JapanFinancial Services Agency of Japan (FSA)
SwitzerlandThe Swiss Financial Market Supervisory Authority (FINMA)
United KingdomThe Prudential Regulation Authority of the Bank of England (PRA)