Section 284-13-59501 - Form CR-1FORM CR-1
CERTIFICATE OF CERTIFIED REINSURER
I, ___________________, ________________________ (name of officer) | (title of officer) |
of _____________________________________________, (name of assuming insurer) the assuming insurer under a reinsurance agreement with one or more insurers domiciled in Washington, in order to be considered for approval in this state, hereby certify that: _____________________________ ("Assuming Insurer"): (name of assuming insurer) |
1. Submits to the jurisdiction of any court of competent jurisdiction in the State of Washington for the adjudication of any issues arising out of the reinsurance agreement, agrees to comply with all requirements necessary to give the court jurisdiction, and will abide by the final decision of the court or any appellate court in the event of an appeal. Nothing in this paragraph constitutes or should be understood to constitute a waiver of Assuming Insurer's rights to commence an action in any court of competent jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or of any state in the United States. This paragraph is not intended to conflict with or override the obligation of the parties to the reinsurance agreement to arbitrate their disputes if the obligation is created in the agreement. 2. Designates the Insurance Commissioner of the State of Washington as its lawful attorney upon whom may be served any lawful process in any action, suit or proceeding arising out of the reinsurance agreement instituted by or on behalf of the ceding insurer.3. Agrees to provide security in an amount equal to one hundred percent of liabilities attributable to United States ceding insurers if it resists enforcement of a final United States judgment or properly enforceable arbitration award.4. Agrees to provide notification within ten days of any regulatory actions taken against it, any change in the provisions of its domiciliary license or any change in its rating by an approved rating agency, including a statement describing the changes and the reasons therefor.5. Agrees to annually file information comparable to relevant provisions of the NAIC financial statement for use by insurance markets in accordance with WAC 284-13-500 through 284-13-590.6. Agrees to annually file the report of the independent auditor on the financial statements of the insurance enterprise.7. Agrees to annually file audited financial statements, regulatory filings, and actuarial opinion under WAC 284-13-500 through 284-13-590.8. Agrees to annually file an updated list of all disputed and overdue reinsurance claims regarding reinsurance assumed from United States ceding insurers.9. Is in good standing as an insurer or reinsurer with the supervisor of its domiciliary jurisdiction. Dated: _______________ ________________________ | (name of assuming insurer) |
BY: ________________________________ | (name of officer) |
__________________________ | (title of officer) |
Wash. Admin. Code § 284-13-59501
Adopted by WSR 15-24-126, Filed 12/2/2015, effective 1/2/2016