Insurance companies seeking to assume the insurance risks of insurers domiciled in Maryland must apply to become eligible under Insurance Article, §§ 5-908 and 6-203, Annotated Code of Maryland, and Code of Maryland Regulations 31.05.08. Companies desiring to be eligible as approved Certified Reinsurers in Maryland are required to submit the following:
Minimum financial requirement is policyholders’ surplus totaling $250,000,000.
Depending on the certification rating assigned by the Maryland Insurance Administration, a certified reinsurer will be allowed to post less than 100% collateral and still enable an authorized insurer to qualify for full reserve credit with respect to reinsurance contracts renewed or entered into on or after the date the reinsurer becomes certified.
The authorization for Certified Reinsurers expires annually on December 31. Companies desiring to renew their eligibility as approved Certified Reinsurers in Maryland are required to submit the following by May 30:
Click here for a listing of approved certified reinsurers and fully qualified jurisdictions.
If you have any questions, contact:
Maryland Insurance AdministrationCompany Licensing UnitPhone: 410-468-2104Fax: 410-468-2112
Documents and fees should be submitted to:Maryland Insurance AdministrationCompany Licensing Unit200 St. Paul Place, Suite 2700Baltimore, MD 21202
200 St. Paul Place, Suite 2700, Baltimore, MD 21202
410-468-2000 | 1-800-492-6116 (toll free) | 1-800-735-2258 (TTY)