The Spring 2014 National Association of Insurance Commissioners (NAIC) meeting was held in Orlando, FL, the first meeting led by new NAIC president and North Dakota Commissioner Adam Hamm. Major items of interest included the current status of principle-based reserving; the use of affiliated captives for reinsurance purposes and the Rector Report.
The NAIC Spring 2014 meeting was defined more by ongoing discussion than by final decisions. Numerous NAIC speakers pointed out the organization’s move toward more openness and in general, progress was made on various topics. But just as the thorny issue of who will really regulate insurers as state, federal and international authorities collide in an increasingly smaller and more connected regulatory world remains an unresolved question, so too many of the questions discussed here await final resolution.
Major items of interest included the current status of principle-based reserving for life insurers; the use of affiliated captives for reinsurance purposes by life insurers and the Rector Report; new rules for contingent deferred annuities; and a review of the availability and affordability of auto insurance.
This issue of the NAIC Update features the following:
- Rector Report on captives gets mixed reviews
- NAIC issues report on auto insurance availability and affordability
- Corporate governance of the NAIC gets attention
- Risk officers question global capital requirements
- TRIA renewal gets strong support
- Actuarial, accounting and health updates
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