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FOR IMMEDIATE RELEASE

NAIC TO CONSIDER HEALTH REFORM RELATED FINANCIAL REPORTING REQUIREMENTS

WASHINGTON, D.C. (Aug. 5, 2010) — The National Association of Insurance Commissioners (NAIC) Executive Committee/Plenary will consider final implementation of a Blanks Proposal reflecting changes required to implement the Patient Protection and Affordable Care Act (PPACA).

Blanks are the actual forms submitted by insurance companies to report quarterly and annual financial information to state regulators. The proposal is the product of the Health Reform Solvency Impact Subgroup, one of several NAIC groups meeting responsibilities created by provisions in the PPACA. This subgroup was charged to consider how provisions such as medical loss ratios (MLR) will affect insurance solvency regulation. The Financial Condition Committee adopted this Blanks Proposal on July 7, 2010.

In preparation for the NAIC Summer National Meeting in Seattle, the NAIC has released suggested amendments to the Blanks Proposal reflecting discussions among members and with the U.S. Department of Health and Human Services (HHS). Because these suggestions were submitted after committee approval, the NAIC is seeking public comment before consideration by the Executive Committee/Plenary. Comments regarding the suggested amendments to the Blanks Proposal will be accepted until Wednesday, Aug. 11, 2010, and should be sent to cavila@naic.org. The Executive Committee/Plenary will consider the original Financial Condition Committee Blanks Proposal as well as the suggested amendments and comments during the meeting scheduled for Aug. 17, 2010 in Seattle.

The Blanks Proposal is just one of many efforts being executed by the NAIC to meet the requirements of the health care law. State regulators and NAIC staff continue to work diligently to execute these efforts in a thorough and transparent manner.

Click HERE for the Financial Condition Committee approved Blanks Proposal (7/7/10).

Click HERE for the suggested amendments to the Blanks Proposal (8/5/10).

Click HERE for the Executive Committee/Plenary agenda and attachments for the NAIC Summer National Meeting.

Click HERE for more information on NAIC health care reform efforts.

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About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

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