Senate Bill 2076 - Summary

• Amends North Dakota Century Code section 26.1-31.2-01 to establish eight categories of reinsurers eligible for credit, including licensed, accredited, certified, and reciprocal jurisdiction reinsurers.

• Adds a new "reciprocal jurisdiction" category for assuming insurers domiciled in non-U.S. jurisdictions subject to covered agreements with the United States or in EU member states, with requirements for minimum capital and solvency ratios.

• Requires certified reinsurers to maintain minimum financial standards, submit to North Dakota jurisdiction, maintain security based on their assigned rating, and comply with ongoing reporting and oversight requirements.

• Establishes procedures for the Insurance Commissioner to create lists of qualified and reciprocal jurisdictions, certify reinsurers, assign ratings, and suspend or revoke certifications for reinsurers failing to meet requirements.

• Limits reinsurance credit for certified reinsurers to contracts entered or renewed on or after the commissioner's certification date, and requires ceding insurers to notify the commissioner when reinsurance recoverables exceed 50% of surplus or cessions exceed 20% of gross written premiums.