Accredited Reinsurer Insurance Company
Domestic and foreign insurers doing business in North Carolina can only cede business to reinsurers that are either licensed or accredited in this state per North Carolina General Statute 58-7-21. An accredited reinsurer is an insurance company that is not licensed to write business in North Carolina but assumes business from other insurers that are licensed in the state.
In order to be considered for accredited reinsurer status, a company must:
- Maintain a policyholder surplus level of not less than $20,000,000
- Have not had accreditation status denied within the last 90 days
In order for a reinsurer to be accredited in North Carolina, the company should submit the following:
- Letter requesting accreditation and a nonrefundable filing fee
- A copy of the latest NAIC Annual Statement and Quarterly Statement
- A copy of its Certificate of Authority from its state of domicile
- The form Application for Accredited Reinsurer
Any company that has achieved accredited reinsurer status that does not maintain the minimum surplus level may have its accreditation revoked by the Commissioner after notice and the opportunity for a hearing.
Every accredited reinsurer must pay a nonrefundable renewal fee each year in order to retain accreditation.