N.J. Admin. Code § 11:2-28.7D

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:2-28.7D - Recognition of certification issued by an NAIC accredited jurisdiction

(a) If an applicant for certification has been certified as a reinsurer in an NAIC accredited jurisdiction, the Commissioner may defer to that jurisdiction's certification, and may defer to the rating assigned by that jurisdiction, if the assuming insurer submits a properly executed Form CR-1 and such additional information as the Commissioner requires to determine compliance with the subchapter. Upon approving such an application, the assuming insurer shall be considered to be a certified reinsurer in this State.

(b) Any change in the certified reinsurer's status or rating in the other jurisdiction shall apply automatically in this State as of the date it takes effect in the other jurisdiction. The certified reinsurer shall notify the Commissioner of any change in its status or rating within 10 days after receiving notice of the change.

(c) The Commissioner may withdraw recognition of the other jurisdiction's rating at any time and assign a new rating in accordance with N.J.A.C. 11:2-28.7B.

(d) The Commissioner may withdraw recognition of the other jurisdiction's certification at any time, with written notice to the certified reinsurer, after notice and opportunity for a hearing in accordance with the Administrative Procedure Act, N.J.S.A. 52:14B-1 et seq. and 52:14F-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, upon finding that the jurisdiction is no longer qualified under this subchapter. Unless the Commissioner suspends or revokes the certified reinsurer's certification in accordance with N.J.A.C. 11:2-28.7B, the certified reinsurer's certification shall remain in good standing in this State for a period of three months, which shall be extended for good cause if additional time is necessary to consider the assuming insurer's application for certification in this State.

N.J. Admin. Code § 11:2-28.7D

New Rule, R.2012 d.154, effective 9/4/2012.
See: 44 N.J.R. 360(a), 44 N.J.R. 2169(a).