Authority: IC 27-6-10.1-5
Affected IC 27-6-10.1
Sec. 17.
Form RJ-1, Certificate of Reinsurer Domiciled in Reciprocal
Jurisdiction, shall be as follows:
FORM RJ-1
CERTIFICATE OF REINSURER DOMICILED IN RECIPROCAL
JURISDICTION
I, (name of officer, title of officer) of (name of assuming
insurer), the assuming insurer under a reinsurance agreement with one or more
insurers domiciled in (name of state), in order to be considered for approval
in this state, hereby certify that (name of assuming insurer) ("Assuming
Insurer"):
1. Submits to the
jurisdiction of any court of competent jurisdiction in the State of Indiana 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 the State of Indiana as its lawful attorney in and
for the State of Indiana 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 the State of Indiana. 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 760 IAC
1-56-7.8(c)(5), if requested by
the commissioner.
Dated:_____________
____________________________________________
(name of assuming insurer)
BY:_________________________________________
(name of officer)
(title of officer)