Senate Bill No. 2130 Summary

• Amends North Dakota Century Code sections governing reinsurance credit allowed to domestic ceding insurers, establishing six categories of assuming insurers that qualify for credit

• Creates new "certified reinsurer" category requiring commissioner certification, with standards including domicile in qualified jurisdictions, minimum capital and surplus requirements, financial strength ratings from two or more rating agencies, and submission to state jurisdiction

• Establishes trust fund requirements for assuming insurers securing obligations, including minimum trusteed surplus of $20 million for single insurers and $100 million for groups, with annual reporting to commissioner by February 28th

• Requires domestic ceding insurers to notify commissioner within 30 days if reinsurance recoverables from single assuming insurer exceed 50% of surplus or if ceded premiums exceed 20% of gross written premiums

• Becomes effective January 1, 2016