MI SB1015

Establishes a new "reciprocal jurisdiction" category for assuming insurers, allowing credit for reinsurance ceded to insurers domiciled in non-U.S. jurisdictions with covered agreements with the U.S. or member states of the European Union, or U.S. jurisdictions meeting NAIC accreditation standards.

Creates eligibility requirements for reciprocal jurisdiction assuming insurers including minimum capital and surplus, solvency ratios, jurisdiction consent, service of process designation, and prompt claim payment practices, with annual supervisory confirmation.

Allows reduced security requirements for reciprocal jurisdiction assuming insurers that comply with requirements, with full 100% security mandated if they resist enforcement of final judgments or enter into solvent schemes of arrangement.

Requires the director to publish lists of qualified jurisdictions, certified reinsurers, and eligible assuming insurers meeting reciprocal jurisdiction criteria, with procedures for suspension or revocation.

Directs the director to promulgate rules regarding reinsurance agreements for certain life insurance, annuity, and long-term care products, with exemptions for assuming insurers meeting reciprocal jurisdiction standards or maintaining $250 million in capital and surplus.