DE HB44

Adds a new category (paragraph 6) allowing Delaware insurers to receive credit for reinsurance ceded to assuming insurers domiciled in "Reciprocal Jurisdictions," defined as countries covered by agreements with the United States (including EU member states), NAIC-accredited U.S. jurisdictions, or other qualified jurisdictions approved by the Commissioner

Assuming insurers in Reciprocal Jurisdictions must meet ongoing minimum capital and surplus requirements, maintain specified solvency ratios, and demonstrate a practice of prompt claims payment to qualify for reinsurance credit

Qualifying assuming insurers must consent to U.S. court jurisdiction, agree to pay final judgments, and provide 100% security for liabilities if they resist enforcement of judgments or enter into solvent schemes of arrangement

The Commissioner must publish and maintain lists of approved Reciprocal Jurisdictions and eligible assuming insurers, with authority to suspend or revoke eligibility for insurers that fail to meet requirements

Aligns Delaware law with NAIC model revisions implementing covered agreements with the European Union and United Kingdom regarding reinsurance collateral requirements, with provisions applying to agreements with inception or renewal dates at least 6 months after the Act's effective date