NAIC 2012 Fall National Meeting
- 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.