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NAIC 2015 Spring National Meeting
6 April 2015
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The NAIC is pursuing a number of initiatives on cybersecurity including adding a cybersecurity supplement to the annual statement, developing cybersecurity protocols, evaluating state cybersecurity regulation, and developing a cybersecurity consumer bill of rights.
The NAIC continues to consider proposals to require states to regulate XXX/AXXX, variable annuity and long term care reinsurance captives as multi-state reinsurers in order to maintain accredited state insurance department status. XXX/AXXX reinsurance transactions that satisfy the AG48 standards will be deemed to satisfy the accreditation standards. A new working group has been established to consider standards for captive variable annuity reinsurance transactions.
The NAIC adopted changes to its Financial Analysis Handbook consisting of new guidance for items to consider in reviewing Form A applications. These are designed to address special concerns that may arise out of private equity funds acquiring insurers.
Thomas M. Kelly
Marilyn A. Lion
Nicholas F. Potter
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