3 CCR 702-3-3-3-20, form RJ-1 - Certificate of Reinsurer Domiciled in Reciprocal Jurisdiction
I, _______________________,______________________
(name of officer) (title of officer)
of _____________________________, the assuming insurer (name of assuming insurer)
under a reinsurance agreement with one or more insurers domiciled in __________, in order to
(name of state)
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 Colorado for the adjudication of any issues
arising out of the reinsurance agreement, 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.
The assuming insurer agrees that it will include such consent in each
reinsurance agreement, if requested by the Commissioner. 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 such an
obligation is created in the agreement, except to the extent such agreements
are unenforceable under applicable insolvency or delinquency laws.
2. Designates the Insurance Commissioner of
Colorado as its lawful attorney in and for the Colorado upon whom may be served
any lawful process in any action, suit or proceeding in this state arising out
of the reinsurance agreement instituted by or on behalf of the ceding
insurer.
3. Agrees to pay all final
judgments, wherever enforcement is sought, obtained by a ceding insurer, that
have been declared enforceable in the territory where the judgment was
obtained.
4. Agrees to provide
prompt written notice and explanation if it falls below the minimum capital and
surplus or capital or surplus ratio, or if any regulatory action is taken
against it for serious noncompliance with applicable law.
5. Confirms that it is not presently
participating in any solvent scheme of arrangement, which involves insurers
domiciled in Colorado. If the assuming insurer enters into such an arrangement,
the assuming insurer agrees to notify the ceding insurer and the Commissioner,
and to provide 100% security to the ceding insurer consistent with the terms of
the scheme.
6. Agrees that in each
reinsurance agreement it will provide security in an amount equal to 100% of
the assuming insurer's liabilities attributable to reinsurance ceded pursuant
to that agreement if the assuming insurer resists enforcement of a final U.S.
judgment, that is enforceable under the law of the territory in which it was
obtained, or a properly enforceable arbitration award whether obtained by the
ceding insurer or by its resolution estate, if applicable.
7. Agrees to provide the documentation in
accordance with Colorado Insurance Regulation 3-3-3 (Section 9(C)(5)), if
requested by the Commissioner.
Dated:
_______________________________
(name of assuming insurer)
BY:
________________________________
(name of officer)
________________________________
(title of officer)
Notes
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