69O-144.002. Reinsurance Application Procedures

(1) Filing requirements and costs.

(a) Insurers making the required filings under the provisions of Section 624.610, F.S., and the rules of this chapter shall submit such filings electronically to the Office at www.floir.com/iportal.

1. Application filings shall be submitted to the Office’s Company Admissions System, “iApply.”

2. Other annual, quarterly, or requested filings shall be submitted to the Office’s Regulatory Electronic Filing System, “REFS.”

(b) The costs and expenses incurred by the Office to review an application for, and subsequent reviews of accredited reinsurer status under Section 624.610, F.S., and the rules of this chapter shall be charged to and collected from the applicant assuming insurer. Costs are defined as the sum of the time spent by Office personnel calculated at payroll rates inclusive of personnel benefit expenses and overhead expenses for each Office employee, and other Office expenses related to processing the application; or, the actual charges incurred by a third party retained to assist in the Office’s review of the application.

1. Should it become necessary to hire an outside consultant in the process of the review, the insurer shall be contacted in advance to consent to this and agree to the cost. In the event that the Office and the insurer agree to utilize the services of an outside consultant to conduct the review, the following applies:

a. The acceptability of a person or firm to the Office shall be determined based on consideration of the person or firm’s professional competence, objectivity, and cost.

b. Consent of the insurer shall be demonstrated by written confirmation from an officer of the insurer agreeing to an examination or the specific services to be performed by the person or firm, and acknowledgment that the person or firm is acceptable to the insurer and that the cost will be paid by the applicant.

c. All payments for services under this provision shall be made directly to the person or firm in accordance with the rates and terms agreed to by the Office, the insurer, and the person or firm performing the examination.

(c) Failure to pay the assessed costs under paragraph (1)(b) may be grounds for revocation of the insurer’s application or accreditation, pursuant to Section 624.610, F.S.

(2)(a) An assuming insurer seeking accredited reinsurer status in this state, pursuant to Section 624.610(3), F.S. and Rule 69O-144.005, F.A.C., shall file an application in compliance with the directions in Form OIR-C1-923, “Application for Accredited Reinsurer Status,” effective 07/23, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-16187. The forms incorporated by reference in this paragraph may be obtained from https://www.floir.com/iportal. The insurer shall further submit, or otherwise comply with, the following:

1. Form OIR-A1-2116, “Form C Summary of Changes to Registration Statement,” effective 9/21, is hereby incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-14666;

2. Form OIR-C1-905, incorporated by reference in Rule 69O-136.100, F.A.C.;

3. Form OIR-C1-938, incorporated by reference in Rule 69O-136.100, F.A.C.;

4. Form OIR-C1-1423, incorporated by reference in Rule 69O-136.100, F.A.C.;

5. Form OIR-C1-0500, incorporated by reference in Rule 69O-136.100, F.A.C.;

6. Form OIR-C1-0501, incorporated by reference in Rule 69O-136.100, F.A.C.;

7. Form OIR-C1-0502, incorporated by reference in Rule 69O-136.100, F.A.C.;

8. Form OIR-C1-0503, incorporated by reference in Rule 69O-136.100, F.A.C.;

9. Form OIR-C1-0504, incorporated by reference in Rule 69O-136.100, F.A.C.;

10. Form OIR-C1-0505, incorporated by reference in Rule 69O-136.100, F.A.C.;

11. Form OIR-C1-0506, incorporated by reference in Rule 69O-136.100, F.A.C.;

12. Form OIR-C1-0507, incorporated by reference in Rule 69O-136.100, F.A.C.;

13. Form OIR-C1-0509, incorporated by reference in Rule 69O-136.100, F.A.C.;

14. Form OIR-C1-1464, “Florida Certificate of Assuming Insurer,” effective 9/21, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14675, as required by paragraph 69O-144.005(2)(a), F.A.C.;

15. Form OIR-C1-1524, incorporated by reference in Rule 69O-136.100, F.A.C.; and,

16. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C.

(b) An assuming insurer seeking to maintain its accredited reinsurer status in this state, pursuant to Rule 69O-144.005, F.A.C., shall submit the following:

1. Annually, a copy of its annual statements prepared in accordance with the National Association of Insurance Commissioners (NAIC) manuals adopted in Rule 69O-137.001, F.A.C., as filed with the insurance regulator of the assuming insurer’s state of domicile or, in the case of a U.S. branch of an alien assuming insurer, as filed with the state through which it is entered and in which it is licensed to transact insurance or reinsurance;

2. If quarterly statements are required by the assuming insurer’s state of domicile, or if quarterly statements are not required by the state of domicile but the Office makes a written request of them from the assuming insurer: then quarterly, a copy of the assuming insurer’s quarterly statements prepared in accordance with the NAIC manuals adopted in Rule 69O-137.001, F.A.C., with the insurance regulator of the assuming insurer’s state of domicile or, in the case of a U.S. branch of an alien assuming insurer, with the state through which it is entered and in which it is licensed to transact insurance or reinsurance; and,

3. Annually, a copy of the assuming insurer’s most recent audited financial statement.

(3)(a) An assuming insurer seeking trusteed reinsurer status in this state, pursuant to Section 624.610(3)(c), F.S. and subparagraph 69O-144.006(1)(a)1., F.A.C., shall file an application in compliance with the directions in Form OIR-C1-1466, “Application for Trusteed Reinsurer Status,” effective 5/22, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14682. The insurer shall further submit, or otherwise comply with, the following:

1. A copy of its annual statement with information substantially the same as that required to be reported in the NAIC Annual Statement form by authorized insurers, as incorporated by reference in Rule 69O-137.001, F.A.C., in the same format required by such form and including all supporting documents;

2. A certified copy of the trust agreement and any trust amendments, including an approval from the insurance regulator of the state in which the trust is domiciled or of the insurance regulator of another state who, pursuant to the terms of the trust instrument, has accepted principal regulatory oversight of the trust;

3. A statement from the trustee of the trust to the insurance regulator having regulatory oversight of the trust certifying the balance of the trust and the trust’s investments at the preceding year end with certification that the trust will not expire prior to the following December 31;

4. Form OIR-C1-1423, incorporated by reference in Rule 69O-136.100, F.A.C.;

5. Form OIR-C1-1469, “Certificate of Assuming Insurer to Submit to Examination and Bear the Cost of Examination,” effective 9/21, is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14683;

6. Form OIR-C1-1524, incorporated by reference in Rule 69O-136.100, F.A.C.; and

7. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C.

(b) An assuming insurer seeking to maintain its trusteed reinsurer status in this state, pursuant to Section 624.610(3)(c), F.S., and subparagraph 69O-144.006(1)(a)2., F.A.C., shall:

1. File annually with the Office substantially the same information as that required to be reported on the NAIC Annual Statement form by authorized insurers, which is incorporated in Rule 69O-137.001, F.A.C., to enable the Office to determine the sufficiency of the trust fund; and,

2. Comply with the ongoing requirements in subsection 69O-144.006(1), F.A.C.

(4)(a) An assuming insurer seeking certified reinsurer status in this state, pursuant to Section 624.610(3), F.S. and paragraph 69O-144.007(8)(a), F.A.C., shall file an application in compliance with the directions in Form OIR-C1-996, “Application for Certified Reinsurer Status,” effective 5/22, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14672. The insurer shall further submit, or otherwise comply with, the following:

1. Audited annual financial statements for the last two (2) years, as filed with the assuming insurer’s domiciliary jurisdiction;

2. The report(s) of the independent auditor for the financial statements of the assuming insurer’s insurance enterprise from the last two (2) years, as filed with the assuming insurer’s domiciliary jurisdiction;

3. The most recent actuarial opinion as filed with the assuming insurer’s domiciliary jurisdiction;

4. Form OIR-C1-2116, “Certificate of Certified Reinsurer,” effective 9/21, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14677, as required by paragraph 69O-144.007(8)(a), F.A.C.;

5. Form OIR-C1-2117, “NAIC Form CR-F” (for property/casualty), effective 9/21, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14678, or Form OIR-C1-2118, “NAIC Form CR-S” (for life and health), effective 9/21, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14679;

6. A list of all disputed or overdue recoverables due to or claimed by ceding insurers, whether or not the claims are in litigation or arbitration;

7. A certification from the domiciliary jurisdiction of the assuming insurer that the insurer is in good standing with that jurisdiction and that the insurer maintains capital in excess of the jurisdiction’s highest regulatory action level;

8. Form OIR-C1-1416, incorporated by reference in Rule 69O-136.100, F.A.C.;

9. Form OIR-C1-1524, incorporated by reference in Rule 69O-136.100, F.A.C.; and

10. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C.

(b) An assuming insurer seeking to maintain its certified reinsurer status in this state, pursuant to Section 624.610(3), F.S., and paragraph 69O-144.007(8)(h), F.A.C., shall annually submit the following, no later than July 1:

1. Form OIR-C1-2117, “NAIC Form CR-F” (for property/casualty), or Form OIR-C1-2118, “NAIC Form CR-S” (for life and health), both of which are incorporated in paragraph (4)(a) of this rule;

2. The assuming insurer’s most recent audited financial statements, as filed with its domiciliary jurisdiction;

3. The report(s) of the independent auditor for the most recent financial statements of the assuming insurer’s insurance enterprise, as filed with the assuming insurer’s domiciliary jurisdiction;

4. The most recent actuarial opinion as filed with the assuming insurer’s domiciliary jurisdiction;

5. A statement from the assuming insurer’s domiciliary jurisdiction that the assuming insurer is in good standing and maintains capital in excess of the jurisdiction’s highest regulatory action level;

6. A statement certifying that there has been no change in the provisions of the assuming insurer’s domiciliary license or any of its financial strength ratings, or a statement describing such changes and the reasons therefore;

7. Any change in the assuming insurer’s directors and officers;

8. An updated list of all disputed and overdue reinsurance claims regarding reinsurance assumed from ceding insurers; and,

9. Any other information that the Office reasonably requires to evaluate the assuming insurer’s status, including any information required by paragraph 69O-144.007(8)(h), F.A.C.

(c) If an NAIC accredited jurisdiction has determined that a certified reinsurer has met the conditions in that jurisdiction to become a certified reinsurer, the Office may accept documentation filed with that NAIC accredited jurisdiction or with the NAIC to satisfy the certified reinsurer’s status in this state.

(5)(a) An assuming insurer seeking reciprocal jurisdiction reinsurer status in this state, pursuant to Section 624.610(4), F.S., and paragraph 69O-144.011(3)(e), F.A.C., shall, on behalf of itself and any legal predecessors, file an application in compliance with the directions in Form OIR-C1-518, “Application for Reciprocal Jurisdiction Reinsurer Status,” effective 5/22, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14668. The insurer shall further submit, or otherwise comply with, the following:

1. Form OIR-C1-517, “Certificate of Reinsurer Domiciled in Reciprocal Jurisdiction,” effective 9/21, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14667, as required by paragraph 69O-144.011(3)(d), F.A.C.;

2. Written confirmation from the assuming insurer’s reciprocal jurisdiction that as of the preceding December 31 or as of the most recent date otherwise statutorily reported to the jurisdiction, the assuming insurer has complied with the requirements set forth in paragraphs 69O-144.011(3)(b) and (3)(c), F.A.C.;

3. For the two (2) years preceding entry into the reinsurance agreement, the assuming insurer’s annual audited financial statements, in accordance with the applicable law of the assuming insurer’s reciprocal jurisdiction, including the external audit report;

4. For the two (2) years preceding entry into the reinsurance agreement, the solvency and financial condition report or actuarial opinion, if filed with the assuming insurer’s supervisor;

5. Prior to entry into the reinsurance agreement, a current list of all disputed and overdue reinsurance claims outstanding for 90 days or more, regarding reinsurance assumed from ceding insurers domiciled in the United States;

6. Prior to entry into the reinsurance agreement, information regarding the assuming insurer’s assumed reinsurance by ceding insurer, ceded reinsurance by the assuming insurer, and reinsurance recoverable on paid and unpaid losses by the assuming insurer to allow for the evaluation of the criteria set forth in paragraph 69O-144.011(3)(f), F.A.C.;

7. Form OIR-C1-1524, incorporated by reference in Rule 69O-136.100, F.A.C.;

8. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C.; and,

9. Any other information required or requested by the Office, pursuant to Section 624.610(4), F.S., or subsection 69O-144.011(3), F.A.C., provided that such requirements are not in conflict with an applicable covered agreement.

(b) An assuming insurer seeking to maintain its reciprocal jurisdiction reinsurer status in this state, pursuant to Section 624.610(4), F.S., and paragraph 69O-144.011(3)(g), F.A.C., shall annually submit the following, no later than each July 1:

1. Written confirmation from the assuming insurer’s reciprocal jurisdiction that as of the preceding December 31 or as of the annual date otherwise statutorily reported to the jurisdiction, the assuming insurer complies with the requirements set forth in paragraphs 69O-144.011(3)(b) and (3)(c), F.A.C.;

2. The assuming insurer’s most recent audited financial statements, in accordance with the applicable law of the assuming insurer’s reciprocal jurisdiction, including the external audit report;

3. The assuming insurer’s most recent solvency and financial condition report or actuarial opinion, if filed with its supervisor;

4. An updated list of all disputed and overdue reinsurance claims outstanding for 90 days or more, regarding reinsurance assumed from ceding insurers domiciled in the United States;

5. Information regarding the assuming insurer’s assumed reinsurance by ceding insurer, ceded reinsurance by the assuming insurer, and reinsurance recoverable on paid and unpaid losses by the assuming insurer, to allow for the evaluation of the criteria set forth in paragraph 69O-144.011(3)(f), F.A.C.; and,

6. Any other information required or requested by the Office, pursuant to Section 624.610(4), F.S., or paragraph 69O-144.011(3)(g), F.A.C., provided that such requirements are not in conflict with an applicable covered agreement.

(c) If an NAIC accredited jurisdiction has determined that a reciprocal jurisdiction reinsurer has met the conditions in that jurisdiction to become a reciprocal jurisdiction reinsurer, the Office may accept documentation filed with that NAIC accredited jurisdiction or with the NAIC to satisfy the reciprocal jurisdiction reinsurer’s status in this state.

(d) This subsection does not limit the authority of the Office to request additional information pertaining to the reinsurance agreement, or any subsequent reinsurance agreement entered into by the assuming insurer and Florida ceding insurers, under Section 624.610(4)(e), F.S., provided that such requirements are not in conflict with an applicable covered agreement.

(6) An assuming insurer meeting any other eligibility criteria under the rules of this chapter or under Section 624.610, F.S., shall make the necessary and applicable filings with the Office.

Rulemaking Authority 624.308, 624.610(15) FS. Law Implemented 624.307(1), (3), 624.316, 624.317, 624.318, 624.321, 624.324, 624.34, 624.401, 624.404, 624.407, 624.413, 624.424, 624.610, 628.051, 628.061, 628.801 FS. History–New 1-30-91, Formerly 4-108.002, Amended 5-12-94, 10-13-02, Formerly 4-144-002, Amended 9-14-06, 9-13-22, 1-4-24.