MN HF3622

Establishes a new certification system for reinsurers in Minnesota, creating "certified reinsurer" status as an alternative to accreditation, with minimum capital requirements of $250,000,000.

Certified reinsurers receive security requirement reductions based on ratings (0% to 100%) assigned by the commissioner, based on financial strength ratings from approved rating agencies.

Creates a list of "qualified jurisdictions" whose reinsurers may be certified; allows the commissioner to recognize NAIC-accredited state jurisdictions automatically as qualified.

Permits the commissioner to defer to certifications issued by other NAIC-accredited jurisdictions, with automatic application of rating changes in that jurisdiction to Minnesota.

Effective January 1, 2019, applies to reinsurance contracts entered into or renewed on or after that date; provides transition period for existing letters of credit until December 31, 2019.