HF1915 Summary

• Creates new "reciprocal jurisdiction" category for reinsurance credit, allowing assuming insurers domiciled in non-U.S. jurisdictions with covered agreements, NAIC-accredited U.S. states, or qualified jurisdictions to receive credit without collateral requirements under specified conditions.

• Requires assuming insurers to maintain minimum capital and surplus of $250,000,000 (or equivalent for associations with central fund), minimum solvency or capital ratios, and provide audited financial statements, claim payment records, and regulatory confirmations to the Minnesota Commissioner of Insurance.

• Mandates assuming insurers consent to Minnesota court jurisdiction, appoint the commissioner as service agent, agree to pay final judgments, and provide 100% security if they resist enforcement or enter into solvent schemes of arrangement affecting Minnesota ceding insurers.

• Commissioner must create and publish lists of approved reciprocal jurisdictions and eligible assuming insurers, and may suspend or revoke eligibility if requirements are no longer met, with 30-90 day cure periods before enforcement action.

• Changes certification procedures for non-U.S. domiciled reinsurers to require only two years of prior audited financial statements (reduced from three) upon initial application.