FOR IMMEDIATE RELEASE
BERMUDA, GERMANY, SWITZERLAND
& UNITED KINGDOM ADDED TO
NAIC LIST OF QUALIFIED JURISDICTIONS
WASHINGTON, D.C. (Dec. 18, 2013) — The National Association of Insurance
Commissioners (NAIC) today approved four international supervisory
authorities as Conditional Qualified Jurisdictions under the Process
for Developing and Maintaining the NAIC List of Qualified Jurisdictions
(Process). The four jurisdictions are the Bermuda Monetary Authority (BMA);
the German Federal Financial Supervisory Authority (BaFin); the Swiss
Financial Market Supervisory Authority (FINMA); and the United Kingdom's
Prudential Regulation Authority of the Bank of England (PRA).
The jurisdictions will be placed on the NAIC List of Qualified
Jurisdictions effective January 1, 2014. Adopted by the NAIC in August
2013, the Process was developed to evaluate the reinsurance supervisory
systems of non-U.S. jurisdictions for reinsurance collateral reduction
purposes. Reinsurers licensed and domiciled in these four jurisdictions are
eligible to be certified for reduced reinsurance collateral requirements
under the NAIC's Credit for Reinsurance Model Law.
"The approval of these four jurisdictions is an important step
forward as the states implement reinsurance modernization," said
Michael F. Consedine, Chair of the NAIC Reinsurance Task Force and Pennsylvania
Insurance Commissioner. "It was the NAIC's goal to complete the
expedited review process prior to the end of the year and permit states to
begin certifying reinsurers for collateral reduction purposes."
"Reinsurance collateral reform continues to play a prominent role
in international discussions, as demonstrated in the EU-U.S.
Dialogue," said Jim Donelon, NAIC President and Louisiana Insurance
Commissioner. "The NAIC greatly appreciates the cooperative efforts of
the BMA, BaFin, FINMA and PRA in helping the states move forward in our
The NAIC will proceed with its full review of these four jurisdictions
during 2014, in addition to beginning discussions with other supervisory
systems interested in being considered for inclusion on the NAIC List
of Qualified Jurisdictions.
Click HERE for more information on the Reinsurance Task Force
and the NAIC List of Qualified Jurisdictions.