Company Licensing & Registration

Certified Reinsurers

Certified reinsurers are unauthorized assuming insurers that have been approved by the Commissioner to provide reduced amounts of collateral for their reinsurance liabilities pursuant to N.C. Gen. Stat. §58-7-21(b)(4a).

In general, to be eligible as a certified reinsurer in North 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 North Carolina
  • Submit financial information for regulatory review
  • Satisfy other requirements established by the Commissioner

In addition to the preceding, the Commissioner will also consider the business practices of the reinsurer, its reputation for prompt payment, and any regulatory actions against the assuming insurer.

The level of collateral required from a certified reinsurer for full statutory credit is based on two interactive financial strength ratings from nationally recognized rating agencies (e.g. A.M. Best, Fitch, Moody’s and Standard and Poor’s). The level of reduced collateral may be as low as 0% for the highest rated certified reinsurers. The ratings scale is shown below.

Financial Strength Rating Granted by Department Minimum Amount Withheld for Full Credit
Secure-1 0%
Secure-2 10%
Secure-3 20%
Secure-4 50%
Secure-5 75%
Vulnerable-6 100%

Initial and Annual Filing Requirements

Initial Application:

To apply to become a certified reinsurer in North Carolina an applicant must submit:

  1. Uniform Application Checklist for Certified Reinsurers
  2. Form CR-1

Annual Filing:

To retain certification an updated Uniform Application Checklist for Certified Reinsurers and Form CR-1, must be submitted by January 1 of each year.

Application Notices

The following companies have applied to become a certified reinsurer in North Carolina:

Federal / Alien ID Applicant Domiciliary Jurisdiction Date Posted Response Deadline

Interested or affected parties have 30 days from the date notice is posted to submit written responses to the certified reinsurer applications listed above. The Commissioner will not take final action on an application until at least 30 days after notice is posted.

Responses should be directed via e-mail to Hasije.Harris@ncdoi.gov and reference Certified Reinsurer Application in the subject line.

Listing of Certified Reinsurers in North Carolina

A listing of all certified reinsurers in North Carolina and their assigned ratings is as follows:

Federal / Alien ID Certified Reinsurer Name Domiciliary Jurisdiction Assigned Rating Effective Date Expiration Date
AA-3191315 XL Bermuda Ltd Bermuda Secure 3 5/8/2019 12/31/2019
AA-1340125 Hannover Ruck SE Germany Secure 2 5/17/2019 12/31/2019
AA-3190339 Renaissance Reinsurance Ltd. Bermuda Secure 3 5/29/2019 12/31/2019
AA-3194122 DaVinci Reinsurance Ltd. Bermuda Secure 4 5/31/2019 12/31/2019

Listing of Qualified Jurisdictions

As part of the reinsurer certification process, the Commissioner is required to maintain a list of qualified jurisdictions under which an assuming insurer licensed and domiciled in such jurisdiction is eligible to be considered for certification by the Commissioner as a certified reinsurer.

Jurisdiction Regulatory Authority
Bermuda The Bermuda Monetary Authority (BMA)
France Autorité Contrôle Prudentiel et de Résolution (ACPR)
Germany German Federal Financial Supervisory Authority (BaFin)
Ireland Central Bank of Ireland (Central Bank)
Japan Financial Services Agency of Japan (FSA)
Switzerland The Swiss Financial Market Supervisory Authority (FINMA)
United Kingdom The Prudential Regulation Authority of the Bank of England (PRA)

Contact Information

Questions concerning certified reinsurers or the application or renewal process can be directed to:

Hasije Harris
Special Projects Manager
919-807-6613
hasije.harris@ncdoi.gov