NAIC 2014 Spring National Meeting

4 April 2014
View Client Update

Key takeaways:

  • The NAIC discussed the February 17, 2014 Report of Rector and Associates, Inc. and comment letters received regarding financing of business subject to Regulation XXX and AXXX. The related meeting ended before all comments could be discussed, so the remaining comments will be discussed on an April 14, 2014 conference call.
  • The NAIC discussed changes to the preamble of the NAIC accreditation standards that would cause the accreditation standards applicable to traditional insurers to be applied to captive insurers. The changes were exposed for a 45-day comment period at the meeting.
  • The NAIC was directed to develop a new section of the NAIC Financial Analysis Handbook with regard to review of Form A applications made in connection with the acquisition of insurers by private equity firms and to begin collecting copies of state insurance regulatory public orders containing differing stipulations for approval of such Form A applications.