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FOR IMMEDIATE RELEASE

NAIC TAKES ACTION ON INSURANCE PRIORITIES
Insurance regulators advance key initiatives

WASHINGTON, D.C. (Dec. 16, 2014) - On a call of the Executive Committee/Plenary today, the National Association of Insurance Commissioners (NAIC) adopted both the Revised Insurance Holding Company System Regulatory Act and Actuarial Guideline 48 (AG48), while also approving seven foreign supervisory authorities as Qualified Jurisdictions.

"The adoption of these components supports our 2014 key initiatives and is the result of truly outstanding work by America's state insurance regulators," said Adam Hamm, NAIC President and North Dakota Insurance Commissioner. "The Revised Insurance Holding Company System Regulatory Act demonstrates our commitment to international standards, while AG48 furthers our objectives of transparency and uniformity related to the regulation of life insurer-owned captives. The seven Qualified Jurisdictions support our ongoing efforts on reinsurance collateral reform and international coordination."

The Revised Insurance Holding Company System Regulatory Act (Model #440) updates the model to clarify the group-wide supervisor for a defined class of internationally active insurance groups. It also outlines the process for determining the lead state for domestic insurance groups, outlines the activities the commissioner may engage in as group-wide supervisor, and extends confidentiality protections to cover information received in the course of group-wide supervision.

In adoption of AG48, the NAIC established national standards regarding XXX/AXXX captive reinsurance transactions. This guidance includes regulation of the types of assets held in backing insurer's statutory reserve. AG48 takes effect in 2015.

The NAIC voted for seven countries to be eligible for reinsurance collateral reduction as an approved Qualified Jurisdiction. Four of the seven jurisdictions (Bermuda, Germany, Switzerland and the United Kingdom) were previously on the NAIC's List as Conditional Qualified. Effective Jan. 1, 2015, these four plus Japan, Ireland and France will be full Qualified Jurisdictions subject to a 5-year term before re-evaluation.

The NAIC also adopted model regulations for individual and small group health insurance coverage and Statutory Accounting Principles (SSAP) No. 107 - Accounting for the Risk-Sharing Provisions of the Affordable Care Act.

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

 

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