The following applications and materials are based on the Maryland Insurance Article, § 5-901, 5-917, and 6-203, Annotated Code of Maryland, and Code of Maryland Regulations 31.05.08. Companies desiring to be eligible as approved Reciprocal Jurisdiction Reinsurers in Maryland are required to submit the following:
Full Application
Reciprocal Jurisdiction Reinsurers requesting Maryland to act as its “Lead Sate” for NAIC Reinsurance Financial Analysis (E) Working Group (ReFAWG), should file a full application, meaning complete Section I on the Uniform Checklist for Reciprocal Jurisdiction Reinsurers (Application) and all corresponding exhibits.
- Application and all items required therein.
- Annual Filing Fee of $1,000 (non-refundable) and Fraud Prevention fee of $1,000 made payable to the Maryland Insurance Administration.
Minimum financial requirement is policyholders’ surplus totaling $250,000,000.
Passporting Application
Reciprocal Jurisdiction Reinsurers who have established their Lead State with an NAIC accredited jurisdiction other than Maryland, whose application has been reviewed by ReFAWG, and would like their reciprocal jurisdiction reinsurer status recognized in Maryland should file a passporting application. The applicant must complete Section II of the Application
- Application and all items required therein.
- Annual Filing Fee of $1,000 (non-refundable) and Fraud Prevention fee of $1,000 made payable to the Maryland Insurance Administration.
Minimum financial requirement is policyholders’ surplus totaling $250,000,000.
Corresponding Exhibit Forms
The authorization for Reciprocal Jurisdiction Reinsures expires annually on December 31.
Annual Renewal Application
Reciprocal Jurisdiction Reinsurers that have designated Maryland as the “Lead Sate” should annually complete Section I on the Application, including all corresponding exhibits. Companies desiring to renew their eligibility as approved Reciprocal Jurisdiction Reinsurers in Maryland are required to submit the following by May 30:
- Application and all items required therein.
- Annual Filing Fee of $1,000 (non-refundable) and Fraud Prevention fee of $1,000 made payable to the Maryland Insurance Administration.
Annual Passporting Application
Reciprocal Jurisdiction Reinsurers that have passported into Maryland should annually complete Section II on the Application, including all corresponding exhibits. Companies desiring to renew their eligibility as approved Reciprocal Jurisdiction Reinsurers in Maryland are required to submit the following by May 30
- Application and all items required therein.
- Annual Filing Fee of $1,000 (non-refundable) and Fraud Prevention fee of $1,000 made payable to the Maryland Insurance Administration.
Maintaining Reciprocal Jurisdiction Reinsurer Status
Pursuant to the Maryland Insurance Article, § 5-917 and Code of Maryland Regulations 31.05.08.28, all Reciprocal Jurisdiction Reinsurers that are approved Reciprocal Jurisdiction Reinsurers in Maryland, must submit the following semi-annually by June 30 and December 31 electronically to the Maryland Insurance Administration at colicensing.mia@maryland.gov:
- An updated list of all disputed and overdue reinsurance claims outstanding for 90 days or more, regarding reinsurance assumed from ceding insurers domiciled in the U.S. shall be submitted prior to entry into the reinsurance agreement and on a semi-annual basis thereafter; and
- Information regarding the assuming insurer’s assumed reinsurance by ceding insurer, ceded reinsurance by the assuming insurer, and reinsurance recoverable on paid and unpaid losses by the assuming insurer to allow for the evaluation of the criteria set forth in §C(6) of the regulation, shall be provided prior to entry into the reinsurance agreement and on a semi-annual basis thereafter
Application estimated verification time: two to five business days.
Application estimated application determination time: 14 to 30 days.
Estimated length of time to complete application: varies based on size and complexity.
Click here for a listing of approved reciprocal jurisdiction reinsurers and fully qualified jurisdictions
If you have any questions, contact:
Maryland Insurance Administration
Company Licensing Unit
Phone: 410-468-2104
Fax: 410-468-2112
Email: colicensing.mia@maryland.gov
Documents and fees should be submitted to:
Maryland Insurance Administration
Company Licensing Unit
200 St. Paul Place, Suite 2700
Baltimore, MD 21202
