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NAIC 2012 Fall National Meeting
7 December 2012
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.
Thomas M. Kelly
Nicholas F. Potter
UK Modern Slavery Act Transparency Statement
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