Reinsurers may apply for status as a reciprocal jurisdiction reinsurer. A reinsurer that is licensed to write reinsurance by, and has its head office or is domiciled in a reciprocal jurisdiction is not required to post reinsurance collateral if the reinsurer meets all of the requirements of the Credit for Reinsurance laws. Please see N.J.S.A.17:51B-2.e and N.J.A.C. 11:2-28 7E for the law and administrative rules applicable to reciprocal jurisdiction reinsurers. 

If an applicant has been recognized as a reciprocal jurisdiction reinsurer in an NAIC accredited jurisdiction, New Jersey has the discretion to defer to that lead state's determination through the passporting process.

Applicants shall submit the following for both initial and renewal applications:

Initial and renewal applications for reciprocal jurisdiction reinsurers where New Jersey is the lead state should be submitted by June 30 to maintain the reinsurer’s status for the upcoming year.

Initial and renewal applications for reciprocal jurisdiction reinsurers for passporting should be submitted by October 1 to maintain the reinsurer’s status for the upcoming year.

The reciprocal jurisdiction reinsurer status will run through the end of the calendar year unless otherwise determined by the Commissioner.

Pursuant to N.J.S.A.17:51B-2.e(3) and N.J.A.C. 11:2-28 7E(e), the Commissioner is required to publish a list of the reinsurers that have satisfied the conditions established in applicable law for recognition as a reciprocal jurisdiction reinsurer.

Pursuant to N.J.S.A.17:51B-2.e(2) and N.J.A.C. 11:2-28 7E(d) the Commissioner is required to publish a list of reciprocal jurisdictions.

Non-US jurisdictions that are the subject of in-force covered agreements with the United States, or in the case of a covered agreement between the United States and European Union, is a member state of the European Union, shall be recognized by the Commissioner as a reciprocal jurisdiction. 

NOTE: In addition to the list above, any U.S. jurisdiction that meets the requirements for accreditation under the NAIC financial standards and accreditation program are recognized as reciprocal jurisdictions pursuant to N.J.S.A.17:51B-2.e(1)(a)(ii).