NAIC 2014 Fall National Meeting

21 November 2014
View Client Update

Key takeaways:

  • The NAIC approved five foreign jurisdictions as “qualified jurisdictions” for non-U.S reinsurers seeking certified reinsurer status (Bermuda, France, Germany, Ireland the United Kingdom) and is expected to approved two additional foreign jurisdictions before the end of 2014 (Switzerland and Japan).
  • The NAIC neared completion of an amendment to its Insurance Holding Company System Regulatory Act that provides for group-wide supervision of insurance groups. The Working Group that is in charge of the project plans to complete its work by December 31, 2014.
  • The NAIC adopted Actuarial Guidelines 48 that sets forth standards that must be satisfied for an insurer ceding XXX and AXXX risks to certain reinsurers, including captive reinsurers, in order for the appointed actuaries of the ceding insurer and its affiliates to render an unqualified actuarial opinion under the Actuarial Opinion and Memorandum Regulation.