This summer the National Association of Insurance Commissioners (NAIC) published their “Listing of Companies“. This is the official source from the NAIC to use to determine if an alien insurer has been assigned a certified reinsurer identification number (or CRIN).
On March 23, 2015, we published an announcement, “Certified Reinsurers & Specifically Underwriters at Lloyd’s of London“ , which addressed the missing certified reinsurer identification number (CRIN) on the Pennsylvania Insurance Department’s website for Underwriters at Lloyd’s of London.
What is the CRIN?
The CRIN is the certified reinsurance number assigned by the NAIC. It is helpful to easily identify the specific reinsurer, which is especially valuable considering the extensive list of similarly named reinsurers.
At the time of the March update, the NAIC had yet to conclude on the method of assigning a CRIN to the Underwriters at Lloyd’s of London’s, but it was to be addressed before the publication of the list. In particular, the NAIC Reinsurance Task Force would address whether to issue a CRIN for each Lloyd’s of London syndicate or whether to assign a CRIN to the specific Underwriters, which would then be applied to all Syndicates assigned to that Underwriter.
Does Lloyd’s of London Have a CRIN?
Now that the list has been published, any Company that has reinsurance business with any Lloyd’s of London’s Syndicates, can find the information needed under the U.K. listings, which start on page 888 of the 918 page report. The NAIC’s “Listing of Companies” can be downloaded for on the free on the NAIC’s Accounting & Reporting page .
Since only certain Lloyd Syndicates have obtained a CRIN, the Property & Casualty Insurance team at BSSF recommends that if you have reinsurance transactions with any Lloyd’s of London Syndicates, you closely review the listing on the report provided by the NAIC.
In addition to following your state of domiciles listing of approved certified reinsurers, this Listing of Companies should be reviewed annually to stay current with the certified reinsurer status of any alien insurers that your company uses to reinsure its business.
Please contact the BSSF Property & Casualty Insurance team with any questions or concerns, specifically Scott Esworthy, Principal, or Hank Straub, Principal.
ABOUT THE AUTHOR
Scott A. Esworthy, CPA
Scott is a Principal with BSSF, specializing in the audits of property and casualty insurance entities (P&C) and employee benefit plans. His expertise in these areas extends beyond the Central PA region. Scott and his team serve clients in the Mid-Atlantic Region, with a focus in Pennsylvania, New Jersey, Maryland, Delaware, Virginia, Ohio, and New York.