All applications and renewal filings should be directed to the Company Licensing and Examinations Division at firstname.lastname@example.org.
A trusteed reinsurer may be a single assuming insurer, or a group of incorporated and individual unincorporated underwriters, or a group of incorporated insurers under common administration. Reinsurance credit is permitted under the provisions of N.D.C.C. § 26.1-31.2-01, when a domestic insurer cedes reinsurance to an approved trusteed reinsurer. ND Admin. Code § 45-03-07.1-04 also contains requirements for trusteed reinsurers.
An insurer or group seeking to be registered in North Dakota as a trusteed reinsurer must submit a complete application consisting of a request letter and the following information:
- Name and address of the parties seeking to be registered along with the categorization of each party (single assuming insurer, incorporated underwriter, unincorporated underwriter and incorporated insurer).
- Financial information for the single assuming insurer, group of underwriters, or group of insurers, which is substantially the same as filed on the National Association of Insurance Commissioners (NAIC) annual statement blank by licensed insurers.
- A copy of the trust instrument and any amendments under which prescribed trust funds are maintained in a qualified U.S. financial institution for the payment of the valid claims of U.S. policyholders and domiciled ceding insurers, their assigns and successors in interest.
- The written approval of the form of the trust and any amendments by the domiciliary commissioner or other state commissioner that is responsible for regulatory oversight of the trust.
- The most recent statement of the trustees that reports the balance in the trust and lists the trust's investments and that also certifies the termination date of the trust or certifies that the trust shall not expire prior to the next Dec. 31.
- For a group of incorporated and individual unincorporated underwriters, the annual certification of each member's solvency by the group's domiciliary regulator. If the certification is not available, the audited financial statement of each underwriter member of the group.
- For a group of incorporated insurers, a properly executed Certificate of Assuming Insurer AR-1 (SFN 53913) by each member of the group.
The North Dakota Insurance Department will issue an approval letter if the application is approved. An application may be filed at any time throughout the year. All applications should be directed to the Department.
The registration of a trusteed reinsurer must be renewed by March 1 of each year via the Online Renewal System. A trusteed reinsurer is also subject to the following annual filing requirements:
By March 1, financial information must be filed with the North Dakota Insurance Department which is substantially the same as filed on the National Association of Insurance Commissioners (NAIC) annual statement blank by licensed insurers.
For a group of incorporated and individual unincorporated underwriters, the group must file with the Department an annual certification of each member's solvency by the group's domiciliary regulator. The due date for this filing is 90 days after the group's financial statements are due to be filed with the group's domiciliary regulator. If the certification is not available, the audited financial statement of each underwriter member of the group is required.
For a group of incorporated insurers, the group must file with the Department an annual certification of each member's solvency by the members' domiciliary regulators. Audited financial statements of each underwriter member of the group must also be submitted.
A written notification of any corporate changes, such as a name change, address change, merger, or redomestication, must be sent to the Department in a timely manner. The notification should include updated documents (trust amendment, AR-1 form) to reflect the change, as applicable.
The Renewal Affidavit For Non-Admitted Companies must be submitted using the North Dakota Insurance Department's enhanced Online Renewal System.