NAIC Private Equity Issues Working Group Discusses New York Proposal and Exposes Proposed Guidance for Financial Analysis Handbook for Insurer Acquisitions
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- The National Association of Insurance Commissioners’ Private Equity Issues (E) Working Group held a conference call on June 11, 2014. On the call, representatives of the New York State Department of Financial Services presented their proposed amendment to their Insurance Regulation 52 that sets forth additional filing and other regulatory requirements for the acquisition and retention of control of New York domestic and commercially domiciled insurers.
- The Working Group also voted to expose, for a 45-day comment period, proposed guidance to be added to the Holding Company System Analysis section of the NAIC Financial Analysis Handbook. The proposed guidance includes additional factors for analysts to consider when reviewing Form A acquisition of control applications and suggested stipulations that can be agreed to by an acquiring entity.