In the realm of insurance within the state of Ohio, the Ins7218 form serves as a critical document for the assessment and review of reinsurance agreements. Crafted by the Ohio Department of Insurance, located in Columbus, Ohio, under the leadership of the Governor and the Lieutenant Governor/Director of Insurance, this form demands meticulous attention to detail. It requires insurance companies to submit comprehensive information about their reinsurance agreements, including, but not limited to, the specifics of the reinsurance contract, the terms and conditions, the parties involved, and the rationale behind the agreement. A thorough review process is detailed within the form, prompting companies to document any negative responses alongside relevant facts or issues, in a designated remarks section. Key aspects such as the inclusion of the reinsurance agreement copy, clarity of terms, authorization of the reinsurer, and compliance with requirements for credit for reinsurance are scrutinized. Additionally, the form examines the agreement’s impact on the domestic company's financial health, including aspects like surplus, risk-based capital, and financial strength ratings. The rigorous evaluation process aims not only to ensure compliance and transparency but also to safeguard the interests of all parties involved and maintain the stability of the Ohio insurance market. This intricate process underscores the importance of the Ins7218 form in the oversight and regulation of reinsurance agreements, embodying the state's commitment to uphold the integrity of its insurance industry.
| Question | Answer |
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| Form Name | Form Ins7218 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | INS7218 ohio department of insurance form d |
Risk Assessment |
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Ohio Department of Insurance |
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50 W. Town St., 3rd Fl. |
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John R. Kasich – Governor |
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Suite 300 |
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Mary Taylor – Lt. Governor/Director |
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Columbus, OH 43215 |
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(614) |
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Fax (614) |
Reinsurance Agreement Review Form D |
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www.insurance.ohio.gov |
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Company Name: |
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NAIC # |
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Control # |
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Date Submitted: |
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Deemer Date: |
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Analyst Review: |
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Date: |
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Supervisor Review: |
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Date: |
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STEP 1 - REVIEW THE FILING IN ITS ENTIRETY AND COMPLETE THE ITEMS BELOW. DOCUMENT ALL NEGATIVE RESPONSES AND RELEVANT FACTS OR ISSUES WITH THE FILING IN THE REMARKS SECTION.
1)Was a copy of the Reinsurance Agreement included in the filing? Remarks:
Yes
No
2) Are the following terms and conditions provided in the Agreement?
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Remarks |
Reinsurer: |
Yes |
No |
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Reinsured: |
Yes |
No |
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Business covered: |
Yes |
No |
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Effective Date: |
Yes |
No |
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Limits of Liability: |
Yes |
No |
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Net Retention: |
Yes |
No |
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Loss occurrence: |
Yes |
No |
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Loss & Loss adjustment expense: |
Yes |
No |
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Ceded premium: |
Yes |
No |
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Reports and Remittances: |
Yes |
No |
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Cancellation/Termination provision: |
Yes |
No |
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Access to records: |
Yes |
No |
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Offset: |
Yes |
No |
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Insolvency: |
Yes |
No |
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Yes |
No |
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Unauthorized reinsurer: |
Yes |
No |
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Recapture: |
Yes |
No |
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Experience refunds: |
Yes |
No |
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Arbitration: |
Yes |
No |
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Additional Remarks:
3) Is the Agreement only between affiliated parties? |
Yes |
No |
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Remarks: |
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4)Has a business rationale been provided that discusses the purpose and need for the Agreement Remarks:
Yes
No
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Accredited by the National Association of Insurance Commissioners (NAIC) |
INS7218 (Rev. 01/2011) |
Page 1 of 2 |
Ohio Department of Insurance |
Reinsurance Agreement Review Form D |
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5)Is the Reinsurer authorized? Remarks:
Yes
No
6)Does the agreement comply with the requirements for credit for reinsurance Remarks:
Yes
No
7) Are there any terms in the Agreement that are unclear or need clarification? |
Yes |
No |
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Remarks: |
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8)What is the estimated amount of liability to be ceded and/or assumed each year by the Domestic insurer? Remarks:
9)What is the estimated period of time the Agreement is to be in effect? Remarks:
10)What is the type and dollar amount of consideration (premiums ceded/assumed, reserves transferred, etc.)? Remarks:
11)What is the effect of the reinsurance agreement on the Domestic company regarding the following (note if there is a polling agreement in place)?
Remarks
Surplus:
Financial Strength Ratings:
B/S and I/S items:
12)Does the Form D contain the required signature and certification? Remarks:
13)Are there any other issues or concerns with the filing that may require follow up with the company? Remarks:
14)Recommendation (include revisions to the agreement): Remarks:
STEP 2 - IF THERE ARE NO MATERIAL CONCERNS, PREPARE RECOMMENDATION FOR SUPERVISOR REVIEW. IF ADDITIONAL INFORMATION IS NEEDED, CONTACT COMPANY. INDICATE TO THE COMPANY IF FILING WILL BE DENIED AND NEEDS TO BE REFILED.
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Accredited by the National Association of Insurance Commissioners (NAIC) |
INS7218 (Rev. 01/2011) |
Page 2 of 2 |