Alaska Selects SBS

Linda S. Hall
Alaska Insurance Director

Kevin M. McCarty
NAIC President and
Florida Insurance
Commissioner

The NAIC announced the Alaska Division of Insurance has formally licensed State Based Systems (SBS), an NAIC owned and operated regulatory tool.

"We look forward to taking
full advantage of the many opportunities afforded by
SBS from an efficiency, cost savings and customer service perspective," said Linda S. Hall, Alaska Insurance Director.

"Alaska is the 23rd NAIC member to license SBS, further illustrating the regulatory tool's flexibility in supporting the needs of all states regardless of size or geographic location," said Kevin M. McCarty, NAIC President and Florida Insurance Commissioner.

Full Story | SBS

Puerto Rico Implements SBS

Ramón Cruz Colón
Puerto Rico
Insurance
Commissioner

The NAIC announced the State Based Systems (SBS) implementation for Puerto Rico.

“We believe our licensees, companies and consumers will see immediate benefits through their use of the SBS online resources,” said Ramón Cruz Colón, Puerto Rico Insurance Commissioner.

Full Story | SBS

The NAIC announced the release of its 2008/2009 Auto Insurance Database Report, which provides the average costs associated with personal automobile insurance nationwide.

Developed by the Casualty Actuarial and Statistical Task Force of the NAIC's Property and Casualty Insurance Committee, the report features state-by-state auto insurance data designed to provide necessary information and analysis to insurance regulators, consumers and policymakers.

Full Story | Purchase the Complete Auto Report

Therese M. (Terri) Vaughan, Ph.D.
NAIC Chief
Executive Officer

The Joint Forum's parent organizations, the
Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS), have announced the appointment of Dr. Therese M. Vaughan as Chair of the Joint Forum. This two-year appointment is effective January 1, 2012.

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Eleanor Kitzman
Texas Insurance Commissioner

The NAIC released a Draft Framework that outlines an approach for evaluating the reserves for a category of life insurance products. The Joint Working Group of the NAIC’s Life Insurance and Annuities Committee and the Financial Condition Committee was created
to address the issues surrounding Actuarial Guideline XXXVIII (AG 38) and statutory reserve requirements for insurers offering universal life with secondary guarantee (ULSG) and term universal life (UL) products.

Full Story | Joint A and E Working Group