• Louisiana Insurance Department Adopts NAIC List of Qualified Jurisdictions for Reinsurer Certification
  • May 28, 2014
  • Law Firm: Colodny Fass P.A. - Fort Lauderdale Office
  • In Advisory Letter 2014-02 issued yesterday, May 21, 2014, Louisiana Insurance Commissioner Jim Donelon notified all Louisiana domestic insurers, along with foreign and alien reinsurers, that the Louisiana Department of Insurance has adopted the National Association of Insurance Commissioners' ("NAIC") List of Qualified Jurisdictions, as well as the NAIC accredited jurisdictions to be used in evaluating reinsurers applying for certification to reduce required reinsurance collateral.

    Under Louisiana regulations, its insurance commissioner also can determine that a jurisdiction is not qualified.

    In addition to all United States jurisdictions that have met the NAIC's Financial Standards and Accreditation Program requirements, yesterday's Advisory Letter 2014-02 also listed the Bermuda Monetary Authority, Germany's Federal Financial Supervisory Authority, Switzerland's Financial Market Supervisory Authority and the United Kingdom's Prudential Regulation Authority of the Bank of England as having been approved under Louisiana's reinsurer certification criteria.