NAIC 2013 Summer National Meeting

3 September 2013
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  • The NAIC adopted the Process for Developing and Maintaining the List of Qualified Jurisdictions. The list is referenced in the 2011 revisions to the NAIC Credit for Reinsurance Model Law and Regulation which provides that any unauthorized assuming insurer, licensed and domiciled in a Qualified Jurisdiction, is eligible to be considered for certification by a state as a certified reinsurer for reinsurance collateral reduction purposes.
  • The NAIC agreed to move forward and draft a new model law that would require an insurer or its holding company to make an annual filing with state insurance regulators relating to corporate governance matters.
  • The NAIC adopted, effective January 1, 2016, the 2010 amendments to the NAIC Insurance Holding Company System Regulatory Act and the Insurance Holding Company System Model Regulation as an NAIC accreditation standard. While a number of states have already enacted these amendments, this action will likely result in most if not all states enacting the amendments before 2016. The NAIC also proposed that the new NAIC Risk Management and Own Risk Solvency Assessment Model Act be added to the NAIC accreditation standards.