ID H0080

Amends section 41-515 (Credit for Reinsurance) to establish requirements for reciprocal jurisdictions and adds new section 41-515A setting forth detailed procedural requirements for credit for reinsurance.

Establishes "reciprocal jurisdictions" as jurisdictions subject to in-force covered agreements with the United States, NAIC-accredited U.S. jurisdictions, or qualified jurisdictions meeting specified criteria including enforcement of U.S. judgments and recognition of U.S. regulatory approaches.

Creates certification procedures for assuming insurers in reciprocal jurisdictions, requiring minimum capital and surplus of $250,000,000, financial strength ratings from acceptable rating agencies, and compliance with solvency and reporting requirements.

Specifies security requirements for certified reinsurers based on assigned ratings (ranging from 0-100% depending on rating level) and establishes procedures for rating assignment, suspension, and revocation.

Requires new and renewal reinsurance agreements to include proper insolvency clauses, jurisdiction submission provisions, and reinsurance intermediary clauses if applicable to qualify for credit.