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State
Regulators Support Changes to Federal Insurance Office Act: FIO
Proposal Appropriately Narrow; Targeted Improvement to State-Based
System of Supervision |
Changes to proposed
legislation creating a Federal Insurance Office (FIO) have
earned support from state insurance regulators. In a letter,
the NAIC told the House Financial Services Committee that amendments
to the Federal Insurance Office Act (H.R. 2609) uphold important
safeguards to ensure state regulation continues to protect
insurance consumers and companies.
Full
Story...
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NAIC letter
to the House Financial Services Committee. |
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NAIC Selects PIMCO to Model Residential Mortgage-Backed Securities: Third-Party Vendor Will Work With Regulators to Determine Designations for Complex Securities |
Members of
the NAIC selected
PIMCO as a third party financial modeler that will assist state
regulators to ultimately determine the risk based capital (RBC)
requirements for residential mortgage-backed securities (RMBS). For
approximately 18,000 RMBS securities owned by U.S. insurers at the
end of 2009, the new model will produce expected losses at the RMBS
security level for insurers to map their holdings to the appropriate
NAIC designation and accompanying RBC requirements.
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