Committees & Activities

Reinsurance Task Force
Financial Condition (E) Committee

The mission of the Reinsurance (E) Task Force is to monitor and coordinate activities and areas of interest, which overlap to some extent the charges of other working groups, specifically the International Insurance Relations (G) Committee.

2016 Charges

The Reinsurance (E) Task Force will:

  1. Provide a forum for the consideration of reinsurance-related issues of public policy.—Essential
  2. Oversee the activities of the Reinsurance Financial Analysis (E) Working Group.—Essential
  3. Oversee the activities of the Qualified Jurisdiction (E) Working Group.—Essential
  4. Monitor the implementation of the revised Credit for Reinsurance Model Law (#785) and the Credit for Reinsurance Model Regulation (#786) by NAIC-member jurisdictions.—Essential
  5. Communicate and coordinate with the Federal Insurance Office (FIO) and other federal authorities on matters pertaining to reinsurance.—Essential
  6. Complete work on the new XXX/AXXX Captive Reinsurance Model Regulation and necessary amendments to Model #785 to reference the new model regulation.—Essential
  7. Consider the referral from the Valuation of Securities (E) Task Force regarding the planned modification of credit rating standards in the NAIC Bank List and advice about the definition of “qualified U.S. financial institution” and other issues.—Essential
  8. Consider any other issues related to the revised Model #785 and Model #786.—Important
  9. Monitor the development of international principles, standards and guidance with respect to reinsurance. This includes, but is not limited to, monitoring the activities of various groups within the International Association of Insurance Supervisors (IAIS), including the Reinsurance and Other Forms of Risk Transfer Subcommittee, Reinsurance Mutual Recognition Subgroup and Reinsurance Transparency Group.—Important
  10. Consider the impact of reinsurance-related federal legislation, including, but not limited to, the federal Nonadmitted and Reinsurance Reform Act and
  11. Discuss and consider the need to clarify the concept of investment security as used in either the Credit for Reinsurance Model Law (Model #785) or the Credit for Reinsurance Model Regulation (Model #786), and in comparison to the concept of regulatory transactions. - Essential

The following Working Groups report to the Reinsurance Task Force:

Reinsurance (E) Task Force
Key Documents

Document Description
Credit for Reinsurance Model Law (#785)
Credit for Reinsurance Model Law (#785): Revisions Adopted on 01-08-16 On January 8, 2016, the NAIC Executive (EX) Committee and Plenary Adopted Revisions to the Credit for Reinsurance Model Law (#785).
Credit for Reinsurance Model Law (#785): Revisions Adopted on 11-06-11 On November 6, 2011, NAIC Executive (EX) Committee and Plenary Adopted the Revised Credit for Reinsurance Models, with Additional Amendments Adopted During the Meeting.
Specific Additional Amendments to Credit for Reinsurance Models and Preface adopted by Executive (EX) Committee and Plenary on 11-06-11
Credit for Reinsurance Model Regulation (#786)
Revised Credit for Reinsurance Model Regulation (#786) adopted by NAIC 11-06-11 On November 6, 2011, NAIC Executive (EX) Committee and Plenary Adopted the Revised Credit for Reinsurance Models, with Additional Amendments Adopted During the Meeting.
Specific Additional Amendments to Credit for Reinsurance Models and Preface adopted by Executive (EX) Committee and Plenary on 11-06-11
XXX/AXXX Credit for Reinsurance Model Regulation

XXX/AXXX Credit for Reinsurance Model Regulation Draft (June 2016 Draft)

On June 21, 2016, the Task Force exposed the revised Model Regulation, along with the Drafting Group’s memorandum detailing the recommended proposal, for a comment period ending July 20, 2016.

XXX/AXXX Credit for Reinsurance Model Regulation Draft (February 2016 Draft)

XXX/AXXX Drafting Group’s Recommendation on the XXX/AXXX Credit for Reinsurance Model Regulation – June 2016

Drafting of the XXX/AXXX Credit for Reinsurance Model Regulation: Key Discussion Topics Memorandum – Summer 2015 National Meeting

Comment Letters Received: XXX/AXXX Credit for Reinsurance Regulation Draft– February 2016 Draft
Qualified Jurisdictions

Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions as adopted by NAIC August 17, 2014

NAIC List of Qualified Jurisdictions (1.1.15)

 

On November 6, 2011, the NAIC Executive (EX) Committee and Plenary adopted revisions to the Credit for Reinsurance Models. These revisions serve to reduce reinsurance collateral requirements for certified reinsurers that are licensed and domiciled in Qualified Jurisdictions.

 

The NAIC adopted the Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions (Qualified Jurisdiction Process) on August 27, 2013 (which was further amended on August 19, 2014).

 

 

Effective Jan. 1, 2015, the NAIC approved seven jurisdictions for recognition as a Qualified Jurisdiction

Summary of Findings and Determination Reports:

Certified Reinsurers
Certified Reinsurers Public Web Page

The Web page provides background regarding the certified reinsurer process, including details on the ReFAWG mission, Uniform Application, Passporting process, certified reinsurer timeline, and ReFAWG review of reinsurers. In addition, the Web page provides access to the listing of certified reinsurers within each state that has adopted Model Law #785/Model Regulation #786 and a current listing of certified reinsurers recommended for Passporting. This Web page became accessible to the public on February 22, 2016.

Conference Call Calendar

NAIC conference calls & interim meetings are available on the NAIC Conference Call Calendar. See NAIC's revised policy statement on open meetings.

Conference Call
Thursday, July 28, 2016
12:00 p.m. ET/11:00 a.m. CT
Call duration: 90 minutes
Go to the exposure draft index.
XXX/AXXX Credit for Reinsurance Model Regulation Draft (June 2016 Draft)
XXX/AXXX Credit for Reinsurance Model Regulation Draft (June 2016 Draft-Redlined)
XXX/AXXX Drafting Group’s Recommendation on the XXX/AXXX Credit for Reinsurance Model Regulation – June 2016
education & training events
There are no education or training events at this time.
documents and resources

Comment Letters Received on Draft of the Model Regulation on Credit for Reinsurance of Life Insurance Policies Containing Nonlevel Gross Premiums, Nonlevel Gross Benefits and Universal Life With Secondary Guarantees

Uniform Application Checklist for Certified Reinsurers - Updated Nov. 2015
Reinsurance Collateral Amount Survey

Instructions for Form CR-F and CR-S, as adopted by the Reinsurance Task Force August 13, 2012.

Reinsurance Regulatory Modernization Framework Proposal Memorandum - The Sep. 12, 2008 proposal was adopted by the NAIC during the Winter 2008 National Meeting.
Finite Reinsurance

Certified Reinsurers

Qualified Jurisdictions

Related NAIC Publications
Captives and Special Purpose Vehicles White Paper
Model Laws, Regulations and Guidelines
US Reinsurance Collateral White Paper
Contacts
Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org.

Dan Schelp
Managing Attorney
Phone: 816.783.8027

Josh Arpin
Sr. Accounting and Reinsurance Policy Advisor
Phone: 816.783.8481
Please see the current Committee List for a complete list of committee members.