Financial Standards and Accreditation (F) Committee
Financial Standards and Accreditation (F) Committee Page
Joint Executive (EX) / Plenary Committee Summary Report
Winter 2009 Meeting Summaries Index

The Financial Regulation Standards and Accreditation (F) Committee met Dec. 5, 2009. During this meeting, the Committee:

• Voted to release for a 60-day comment period proposed implementation guidance regarding the new accreditation standards related to company licensing and change in control. The implementation guidance includes revisions to existing documentation or new guidance related to these accreditation standards. The new accreditation standards related to the organization, licensing and change of control of domestic insurers were adopted by the Committee at the Summer National Meeting. These new “Part D” standards will become effective Jan. 1, 2012. These standards will not be scored; therefore, a state cannot fail accreditation based solely on its lack of compliance with them. If deficiencies are noted, review teams will provide management comments to the state insurance departments similar to the current Part C.

• Voted to release for a 60-day comment period a referral from the Risk Retention Group (E) Task Force regarding the applicability of the Part B and Part C standards to risk retention groups (RRGs) licensed as captive insurers. This referral also indicates whether any additional standards were needed given the unique nature of captive RRGs. The Committee previously adopted the Part A standards applicable to captive RRGs with a Jan. 1, 2011, effective date.