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Senate Commerce Committee Statement - Senate Bill No. 4213 (State of New Jersey, December 6, 2021)

Summary

Senate Commerce Committee statement to Senate, No. 4213, State of New Jersey, dated December 6, 2021, reporting Senate Bill No. 4213 favorably. The bill updates current law on credit for reinsurance by providing credit for reinsurance ceded by a domestic insurer to an assuming insurer that has its head office domiciled and licensed in a reciprocal jurisdiction. It eliminates reinsurance collateral requirements and local presence requirements for reinsurers in the European Union and United Kingdom that maintain minimum capital and surplus requirements. The commissioner may revoke or suspend the eligibility of an assuming insurer if it no longer meets one or more of the requirements.

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“Senate Commerce Committee Statement - Senate Bill No. 4213 (State of New Jersey, December 6, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-12-06-scm-s4213-s1-b049e92605/, SHA-256 3283bfa1c17e1a69ae8a0d389c4429320863b28e9301b2eda24eccc124856633.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                 SENATE, No. 4213

 STATE OF NEW JERSEY
                  DATED: DECEMBER 6, 2021

    The Senate Commerce Committee reports favorably Senate Bill
No. 4213.
   This bill updates current law on credit for reinsurance by
providing credit for reinsurance ceded by a domestic insurer to an
assuming insurer that has its head office domiciled and licensed in a
reciprocal jurisdiction. The bill eliminates reinsurance collateral
requirements and local presence requirements for reinsurers in the
European Union and United Kingdom that maintain minimum
capital and surplus requirements. Under the bill, the supervisory
authority of the assuming insurer is to confirm to the commissioner
on an annual basis that the assuming insurer complies with certain
requirements. The commissioner may revoke or suspend the
eligibility of an assuming insurer if it no longer meets one or more
of the requirements.

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