US Trusts

Filing Instructions For Trusteed Reinsurer Status

California Insurance Code section 922.4(d), and sections 2303.5(b) and 2303.22(d) of Title 10 in the corresponding regulations, provides requirements for applicants seeking trusteed reinsurer status in California, renewing trusteed status, or amending a previously reviewed trust form.

Initial Application

An assuming insurer seeking approval of a U.S. trust under section 922.4(d) of the California Insurance Code may submit an application to the California Department of Insurance at the following address:

California Department of Insurance
Corporate Affairs Branch
1901 Harrison Street, 6th Floor
Oakland, CA 94612

We also request that you submit an electronic copy of the application and supporting documents to CAB-SF-Intake@insurance.ca.gov.  Please note we do not accept password protected emails or links.  

The application shall consist of a cover letter transmitting the following items:

1. A deposit in the amount of $3,000, which includes the legal review, administrative costs and final determination.  Financial review of the trust assets will be billed separately on an hourly basis;
2. A copy of the trust document, certified by the commissioner of the Oversight State.  "Oversight State" means the state where the trust is domiciled or the state whose commissioner has accepted principal regulatory oversight of the trust pursuant to the terms of the trust agreement;
3. A certified copy of the approval of the form of the trust issued by the commissioner of the Oversight State;
4. An independent audit report;
5. An actuarial opinion;
6. Copies of all documents submitted to the Oversight State, unless the Commissioner has agreed that copies of specified documents need not be provided; alien insurers shall include all reports required by their domiciliary countries.
7. An executed Certificate of Assuming Insurer Form AR-1, wherein the assuming insurer:

8. An executed Designation of Agent for Service of Process and Consent to Jurisdiction Form AR-2; and
9. Any other documents requested by the Department.

NOTE: The cover letter and Items 2, 3, 4, 7 and 8 shall be submitted in duplicate.

Maintaining Eligibility Of Trusteed Reinsurer Status

Financial Documents

To retain eligibility of the trust, the assuming insurer shall submit:

1. Copies of all documents submitted to the Oversight State, unless the Department has agreed that copies of specified documents need not be provided. Alien insurers shall include all reports required by their domiciliary countries. Copies shall be submitted to the Department at the same time they are submitted to the Oversight State or domiciliary country.
2. List of ceding California domestic insurers and Form AR-1 (quarterly).
3. Trustee's report (not later than February 28 of each year).

The above documents shall be submitted to:

California Department of Insurance
Financial Records Unit
Financial Analysis Division
300 South Spring Street, South Tower
Los Angeles, CA 90013

Annual Renewal Application

An annual renewal application shall be submitted not later than August 15, and shall consist of a cover letter and the following documents:

1. A deposit in the amount of $1,500, which includes the legal review, administrative costs and final determination. Financial review of the trust assets will be billed separately on an hourly basis;
2. A copy of the trust document, certified by the commissioner of the Oversight State OR a copy of the trust document certified by the applicant's corporate secretary that the submitted trust is a true copy of the original deed of trust, and that there have not been any changes since the trust became effective;
3. A certified copy of the approval of the form of the trust issued by the commissioner of the Oversight State OR a copy of the original approval letter certified by the corporate secretary to be a true copy;
4. An independent audit report;
5. An actuarial opinion;
6. Copies of all documents submitted to the Oversight State, unless the Commissioner has agreed that copies of specified documents need not be provided; alien insurers shall include all reports required by their domiciliary countries.
7. An executed Certificate of Assuming Insurer Form AR-1, and a current list of ceding insurers domiciled in California.
8. An executed Designation of Agent for Service of Process and Consent to Jurisdiction Form AR-2; and
9. Any other documents requested by the Department.

The annual renewal application shall be submitted in duplicate to:

California Department of Insurance
Corporate Affairs Branch
1901 Harrison Street, 6th Floor
Oakland, CA 94612

NOTE: The cover letter and Items 2, 3, 4, 5, 7 and 8 shall be submitted in duplicate.

We also request that you submit an electronic copy of the application and supporting documents to CAB-SF-Intake@insurance.ca.gov.  Please note we do not accept password protected emails or links.  

Amending the Trust Form

Amendment Application

Applications for approval of trust amendments shall be submitted for review by the Department, and shall consist of a cover letter and the following documents:

1. A deposit in the amount of $500, which includes the legal review, administrative costs and final determination.
2. A copy of the amended trust document, certified by the commissioner of the Oversight State;
3. A certified copy of the approval of the amended form of the trust issued by the commissioner of the Oversight State; and
4. Any other documents requested by the Department.

The amendment application shall be submitted to:

California Department of Insurance
Corporate Affairs Branch
1901 Harrison Street, 6th Floor
Oakland, CA 94612

NOTE: The cover letter and Items 2 and 3 shall be submitted in duplicate.

We also request that you submit an electronic copy of the application and supporting documents to CAB-SF-Intake@insurance.ca.gov.  Please note we do not accept password protected emails or links.