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News Release
NAIC Updates to Credit for Reinsurance Model Law and Regulation
US & EU flags
NAIC Updates to Credit for Reinsurance Model Law and Regulation

In a meeting of the National Association of Insurance Commissioner (NAIC) Plenary, the association approved revisions to the Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786). These changes make the models consistent with provisions of covered agreements with the European Union and United Kingdom with respect to reinsurance collateral requirements.

 

Notice
NAIC Weighs in on Senate Health Bill
NAIC Weighs in on Senate Health Bill
NAIC Weighs in on Senate Health Bill

NAIC supports the air ambulance provision in the Lower Health Care Costs Act. This language would prohibit surprise bills for consumers from air ambulance providers.

 

News Release
Field Testing for NAIC Group Capital Calculation Underway
Group Capital Calculation
Field Testing for NAIC Group Capital Calculation Underway

The NAIC is well-underway in developing an analytical tool to better understand and quantify financial risks to insurance groups and improve policyholder protections. Preliminary testing of the Group Capital Calculation (GCC) began mid-May and will continue into fall. Results of the process will inform the final calculation which is expected to be adopted in 2020.

News Release
Consider Pets When Preparing for a Natural Disaster
Join us for a Twitter chat at 2 p.m. ET, June 18. (Hashtags: #YourRiskIsReal, #WhatsInYourGoBag and #GoBagPacked.
Consider Pets When Preparing for a Natural Disaster

The National Association of Insurance Commissioners (NAIC) recommends that pet owners prepare now for the potential for catastrophic flooding and make sure they have a safe place to take their furry friends in case of emergency.

To help people better prepare for natural disasters the NAIC, insurance departments across the country and the Federal Emergency Management Agency (FEMA) are hosting a Twitter chat at 2 p.m. ET, June 18. (Hashtags: #YourRiskIsReal, #WhatsInYourGoBag and #GoBagPacked.)

 

Statement
Altmaier Appointed to IAIS Executive Committee Leadership
David Altmaier
Altmaier Appointed to IAIS Executive Committee Leadership

NAIC Vice President and Florida Insurance Commissioner David Altmaier has been appointed as Vice Chair of the Executive Committee (ExCo) of the International Association of Insurance Supervisors (IAIS). Altmaier began his public service at the Office of Insurance Regulation in 2008, serving in a number of roles including Chief Analyst of the Property and Casualty Financial Oversight unit and Deputy Commissioner of Property and Casualty Insurance.

 

News Release
'What the Flood!' NAIC Quiz Helps Americans Understand Flood Insurance
What the Flood Quiz
'What the Flood!' NAIC Quiz Helps Americans Understand Flood Insurance

The NAIC released a new online quiz, "What the Flood!," as part of its #YourRiskIsReal campaign, an ongoing effort to educate consumers about flood risks and the need to consider purchasing flood insurance. The #YourRiskIsReal campaign educates consumers about flood risks and dispels dangerous misconceptions about flood insurance.

 

STATEMENT
NAIC Reaction to SEC Finalizing Rules to Enhance Investor Protections
Reaction to SEC
NAIC Reaction to SEC Finalizing Rules to Enhance Investor Protections

The NAIC commends the U.S. Securities and Exchange Commission (SEC) on finalizing its rules to enhance retail investor protections. The NAIC will take under consideration the SEC's final rules as we continue our own work in enhancing protections for policyholders through changes to the NAIC's Suitability in Annuity Transactions Model Regulation. As state insurance departments regulate entities and products that may also be subject to SEC regulation, the NAIC anticipates harmonizing our work where appropriate with due deference to the unique nature of insurance products.