FOR IMMEDIATE RELEASE
NAIC HOSTS CAPTIVE SYMPOSIUM
CIPR puts spotlight on captive reinsurance transactions
WASHINGTON, D.C. (Nov. 19, 2015) —More than 400 regulators, consumer representatives and industry stakeholders discussed captive reinsurance at a forum coordinated by the Center for Insurance Policy and Research (CIPR). The symposium, CIPR Fall Event: Regulation of Captives, was held in conjunction with the National Association of Insurance Commissioners' (NAIC) 2015 Fall National Meeting. NAIC President-Elect and Missouri Insurance Director John M. Huff hosted the forum.
"Today, we have assembled a dynamic group of presenters and panelists to take a closer look from all sides at the benefits and challenges of using captives to determine impacts to the insurance industry and consumers, not just in my state, but across the country," said Huff in his opening remarks.
The non-advocacy, nonpartisan educational forum on the regulation of captive insurance companies highlighted a number of issues facing regulators and the insurance industry. Topics addressed included recent trends in the use of captives, their use of capital, confidentiality, and disclosure and transparency. They also discussed potential regulatory solutions.
NAIC Secretary-Treasurer and Wisconsin Insurance Commissioner Ted Nickel, Rhode Island Deputy Director and Superintendent of Insurance and Banking Joseph Torti, III, and Iowa Insurance Commissioner Nick Gerhart also participated in the event.
The CIPR's mission is to serve federal and state lawmakers, federal and state regulatory agencies, international regulatory agencies and insurance consumers by enhancing intergovernmental cooperation and awareness, improving consumer protection and promoting legitimate marketplace competition.
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.