NAIC 2014 Summer National Meeting

25 August 2014
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Key takeaways:

  • Many elements of the XXX/AXXX Reinsurance Framework are being addressed by NAIC Working Groups in a rapid fashion, with a implementation goal of year end 2014 for many elements.
  • A proposal to subject reinsurance captives to the NAIC accreditation standards applicable to traditional insurers has, for the time being, been deferred.
  • The NAIC adopted a new Corporate Governance Annual Disclosure Model Act and the Model Regulation that provide a framework under which an insurer annually will provide information on its corporate governance practices to state insurance regulators.
  • A proposal to require large insurance groups to submit resolution plans to state insurance regulators like those required under federal law of large federal bank holding companies and nonbank financial companies supervised by Federal Reserve Board was tabled.
  • The NAIC proposed amending its Insurance Holding Company Systems Regulatory Act to include a new provision on group-wide supervision of international insurance groups. The draft amendment is based on an existing Pennsylvania law provision.