FL S0728

Creates a new category (subsection 4) under which ceding insurers may receive credit for reinsurance ceded to assuming insurers domiciled in "reciprocal jurisdictions," defined as non-U.S. jurisdictions subject to a covered agreement under the Dodd-Frank Act, NAIC-accredited U.S. jurisdictions, or other qualified jurisdictions meeting specified criteria

Requires assuming insurers in reciprocal jurisdictions to maintain minimum capital and surplus of $250 million, meet applicable solvency or capital ratios, and maintain prompt claims payment practices while reporting overdue reinsurance recoverables exceeding 90 days to the Office of Insurance Regulation

Transfers authority and duties relating to credit for reinsurance from the Commissioner of Insurance to the Office of Insurance Regulation, which must publish and maintain lists of reciprocal jurisdictions and eligible assuming insurers on its website

Authorizes the Office of Insurance Regulation to revoke or suspend an assuming insurer's eligibility if it no longer meets requirements, with suspended insurers' new or renewed agreements not qualifying for credit unless obligations are separately secured

Effective July 1, 2021