HB 101 - Credit for Reinsurance

• Amends Alaska reinsurance credit requirements by adding a new category (6) for "reciprocal jurisdiction" reinsurers, which includes non-U.S. jurisdictions with covered agreements under the Dodd-Frank Act and U.S. jurisdictions meeting National Association of Insurance Commissioners accreditation standards.

• Establishes requirements for reciprocal jurisdiction reinsurers including minimum capital and surplus, solvency ratios, consent to state jurisdiction, agreement to pay final judgments, and prompt claims payment practices.

• Allows the director to create and maintain lists of qualified reciprocal jurisdictions and certified reinsurers, with authority to suspend or revoke eligibility if reinsurers no longer meet requirements.

• Modifies the number of reinsurance credit categories from six to seven, with category (7) allowing credit for reinsurance of risks in jurisdictions where reinsurance is legally required.

• Authorizes the director to adopt implementing regulations under the Administrative Procedure Act, with Section 5 of the Act taking effect immediately upon passage.