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NAIC Committee Adopts Corporate Governance Models
Models will allow for the collection of detailed information on the corporate governance practices of insurers on an annual basis
Susan Donegan, Commissioner of the Vermont Department of Financial Regulation Susan Donegan
Commissioner of the Vermont Department of Financial Regulation
Joseph Torti, III, Rhode Island Deputy Director and Superintendent of Insurance and BankingJoseph Torti, III
Rhode Island Deputy Director and Superintendent of Insurance and Banking
The NAIC’s Financial Condition Committee adopted a Corporate Governance Annual Disclosure Model Act and supporting Model Regulation, which provides a means for insurance regulators to receive additional information on the corporate governance practices of U.S. insurers on an annual basis.

Under the requirements of the Model Act, U.S. insurers will be required to provide a detailed narrative describing governance practices to their lead state or domestic regulator by June 1st of each year. The narrative will be protected by strict confidentiality measures, which were included within the models to encourage insurers to be open and transparent in describing their governance practices to regulators. Insurers will be allowed some discretion in determining the level within the organization to report their corporate governance practices at, depending upon their structure and organization. The new disclosure requirements are expected to commence in 2016.

Read the Full Release | Corporate Governance Working Group
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Parents Spend Billions Annually on Child Injuries; Understanding Risks and Insurance Implications Key to Childproofing Your Finances
Get Ready resources from the NAIC help new parents get smart about insurance
Adam Hamm, 
NAIC President and North Dakota Insurance Commissioner
Adam Hamm
NAIC President and North Dakota Insurance Commissioner

As a new school year approaches, parents start to tally up the expenses for school supplies, new clothes, physicals, extracurricular activities and more. But the list doesn’t end there. The National Association of Insurance Commissioners (NAIC) urges consumers to consider safety when it comes to child-related expenses.

“From the time a child is born through its teenage years, child-related injuries can occur at a moment’s notice,” said Adam Hamm, NAIC President and North Dakota Insurance Commissioner. “We urge parents to educate themselves about the safety risks and insurance implications of raising a child to reduce injuries, save money and potentially even save a life.”

Read the Full Release

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NAIC Adopts XXX/AXXX Reinsurance Framework
The Executive Committee of the NAIC adopted the XXX/AXXX Reinsurance Framework, which furthers an action plan to develop proposed changes to the insurer/captive regulations specific to XXX/AXXX transactions.

“The XXX/AXXX Reinsurance Framework is an important regulatory initiative, and this adoption will allow us to move expeditiously to develop a comprehensive framework proposal,” said Adam Hamm, NAIC President and North Dakota Insurance Commissioner.

Read the Full Release

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NAIC Co-Hosts Regulatory Seminar in Thailand
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NAIC Co-Hosts Regulatory Seminar in Thailand
This week, members of the NAIC were in Bangkok, Thailand for the 5th Annual U.S. Insurance Regulation and Supervision Seminar on Solvency Monitoring and Risk Governance hosted in conjunction with Thailand’s Office of Insurance Commission (OIC). The U.S. delegation included NAIC President and North Dakota Commissioner Adam Hamm, NAIC Vice President and Pennsylvania Insurance Commissioner Michael F. Consedine and Hawaii Insurance Commissioner Gordon Ito (pictured with members of the OIC). Including the host country delegations, the forum welcomed more than 60 participants from Bhutan, Brunei, Cambodia, Indonesia, Japan, Laos, Malaysia, Philippines, Singapore, Sri Lanka and Vietnam.
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NAIC REQUEST FOR PROPOSAL FOR ACTUARIAL CONSULTANT
The NAIC has released a request for proposal (RFP) to hire an actuarial consultant to review current actuarial report requirements and assist in a project to enhance and streamline this process. The principal outcome of the engagement is the design and testing of a proposed data capture actuarial report for consideration by the NAIC Life Actuarial Task Force (LATF). Additional information about this project is contained in the RFP’s scope of work. Responses to the RFP are due to the NAIC on or before August 29, 2014, with vendor selection to be made in September 2014.

Click HERE to view the RFP

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