NAIC 2012 Fall National Meeting

7 December 2012
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  • With strong objection from some of its members, the NAIC adopted its principles-based reserving Valuation Manual, a key step toward implementation of principles-based reserving for life insurers.
  • The NAIC received and discussed comments on its draft white paper "Captives and Special Purpose Vehicles" and expects to release a revised draft of the white paper for consideration and adoption.
  • In order to implement the reduced reinsurance collateral requirements included in the 2011 revisions to its Credit for Reinsurance Model Act and Model Regulation, the NAIC released for comment a draft "NAIC Process for Developing and Maintaining the List of Qualified Jurisdictions." A non-U.S. reinsurer must be domiciled in a "qualified jurisdiction" in order to be eligible for the reduced reinsurance collateral requirements.