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:
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.
Minimum financial requirement is policyholders’ surplus totaling $250,000,000.
Notice of ApplicationPursuant to Maryland’s Code of Maryland Regulation (COMAR) 31.05.08.24E(1), the Maryland Insurance Administration (Administration) invites members of the public to respond to Certified Reinsurer Applications submitted to the Administration.
Members of the public will have 30 days from the date the notice is posted to submit written comments and responses to the certified reinsurer applications listed below. Please click on a reinsurer's name to determine when the notice was posted. The Commissioner will not take final action on an application until at least 30 days after posting the notice required.
Fidelius Underwriting Limited
Click here for a listing of approved
certified 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.govDocuments and fees should be submitted to:
Maryland Insurance Administration
Company Licensing Unit
200 St. Paul Place, Suite 2700
Baltimore, MD 21202
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.
| Certification Rating |
Minimum Amount Withheld for Full Credit |
|---|
| Secure-1 |
0% |
| Secure-2 |
10% |
| Secure-3 |
20% |
| Secure-4 |
50% |
| Secure-5 |
75% |
| Vulnerable-6 |
100% |
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:
Minimum financial requirement is policyholders’ surplus totaling $250,000,000.
Click here for a listing of approved certified 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
