NAIC Reinsurance Certification Requirements

New 2005 NAIC Reinsurance Certification Requirements Adopted

Question:

Which transactions are within the scope of the certification?

Answer:

The certification applies to "all reinsurance contracts" for which "the reporting entity is taking credit on its financial statement."

Question:

What are "appropriate controls"?

Answer:

Appropriate controls include those designed to prevent unauthorized transactions and record and monitor transactions.

eReinsure provides a proven control framework for insurers to:

  1. Manage and control the process of acquiring reinsurance
  2. Create an audit trail of the reinsurance placing
  3. Generate management reports for monitoring reinsurances, and
  4. Securely store reinsurance transaction records.

Transaction quality and efficiency are also enhanced by eReinsure's integration module, enabling the parties to the transaction to quickly exchange accounting and other data via XML messages.