N.J. Admin. Code § Tit. 11, ch. 2, subch. 28, app -1, exh. B
Current through Register Vol. 57, No. 1, January 6, 2025
The maximum rating that a certified reinsurer shall be assigned will correspond to the financial strength rating from an approved rating agency as indicated below, or from any other rating agency approved by the United States Securities and Exchange Commission or any successor regulatory agency. The Commissioner shall use the lowest financial strength rating received from an approved rating agency in establishing the maximum rating of a certified reinsurer:
| Collateral | Best | S&P | Moody's | Fitch |
| Required | ||||
| Secure 1 | A++ | AAA | Aaa | AAA |
| Secure 2 | A+ | AA+, AA, AA- | Aa1, Aa2, Aa3 | AA+, AA, AA- |
| Secure 3 | A | A+, A | A1, A2 | A+, A |
| Secure 4 | A- | A- | A3 | A- |
| Secure 5 | B++, B+ | BBB+, BBB, | Baa1, Baa2, | BBB+, BBB, BBB- |
| BBB- | Baa3 | |||
| Vulnerable 6 | B, B-, | BB+, BB, | Ba1, Ba2, Ba3, | BB+, BB, BB-, |
| C++, C+, C, | BB-, B+, B, B-, | B1, B2, B3, Caa, | B+, B, B-, CCC+, | |
| C-, D, E, F | CCC, CC, C, D, | Ca, C | CC, CCC-, DD | |
| R |
N.J. Admin. Code Tit. 11, ch. 2, subch. 28, app -1, exh. B
See: 44 N.J.R. 360(a), 44 N.J.R. 2169(a).