What must be submitted to become accredited?
The company must submit the following:
- A letter requesting approval for accreditation and listing all additional information the company wishes to have considered in support of the request;
- A non-refundable filing fee, payable to the Treasurer, State of New Jersey, in the amount of $1,000;
- A properly executed form AR-1;
- A certified copy of the company's Certificate of Authority or Compliance (or equivalent document) from its State of domicile;
- A copy of the company's most recent annual statement (with all attachments i.e. management discussion, insurance expense exhibit, etc.)
- The company's most recent audited financial statement;
- A current actuarial opinion meeting New Jersey's guidelines;
- A copy of hte company's quarterly statement for the quarter immediately preceding the application.
Where should this information be sent?
Attention: Reinsurance Accreditation
Office of Solvency Regulations
Department of Banking and Insurance
P.O. Box 325
Trenton, NJ 08625-0325
What about a company requesting accreditation with over $20,000,000 in surplus?
The Commissioner has 120 days in which to disapprove the request. The company will receive an acknowledgement of the filing within 2 weeks of the receipt and a letter either approving a company's accreditation through August 31 of that year or denying its request prior to the expiration of the 120 time period.
NOTE: If the company has less than $20,000,000 in surplus, the Commissioner is not required to respond within 120 days.