Section 26-A2811. CONTRACTS AFFECTED

 

2811.1All new and renewal reinsurance transactions entered into after the effective date of these regulations shall conform to the requirements of the act and this regulation if credit is to be given to the ceding insurer for such reinsurance.

 

APPENDIX 28-1

 

FORM AR-1

 

CERTIFICATE OF ASSUMING INSURER

 

I,    ,   

    (name of officer)                                   (title of officer)

 

of   , the

        (name of assuming insurer)

 

assuming insurer under a reinsurance agreement(s) with one or more insurers domiciled in

 

 

 ,  hereby certify that

    (name of state)

 

 ("Assuming Insurer"):

   (name of assuming insurer)

 

1.Submits to the jurisdiction of any court of competent jurisdiction in

 

                      (ceding insurer's state of domicile)

 

 

for the adjudication of any issues arising out of the reinsurance agreement(s), agrees to comply with all requirements necessary to give such court jurisdiction, and will abide by the final decision of such 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(s) to arbitrate their disputes if such an obligation is created in the agreement(s).

 

2.Designates the Insurance Commissioner of

   to examine its books

(ceding insurer's state of domicile) as its lawful attorney upon whom may be served any lawful process in any action, suit or proceeding arising out of the reinsurance agreement(s) instituted by or on behalf of the ceding insurer.

 

3.Submits to the authority of the Insurance Commissioner of

     to examine its books

(ceding insurer's state of domicile) and records and agrees to bear the expense of any such examination.

 

4.Submits with this form a current list of insurers domiciled in

    reinsured by Assuming Insurer

(ceding insurer's state of domicile)

 

and undertakes to submit additions to or deletions from the list to the Insurance Commissioner at least once per calendar quarter.

 

Dated:    

                                           (name of assuming insurer)

 

                     BY:      

                                  (name of officer)

 

  

                                    (title of officer)

 

source

Final Rulemaking published at 43 DCR 2318 (May 3, 1996).