2018 Fall National Meeting
San Francisco, CA
Saturday, November 17, 2018
8:00 - 9:30 a.m.
Hilton San Francisco Union Square—Grand Salon A—Ballroom Level

On September 25, 2018, the Reinsurance (E) Task Force exposed proposed revisions to the Credit for Reinsurance Model Law (#785) and the Credit for Reinsurance Model Regulation (#786), which are intended to incorporate relevant provisions of the Bilateral Agreement Between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance ("Bilateral Agreement"), for a 21-day public comment period ending Tuesday, October 16, 2018. Comments should be directed to Jake Stultz and Dan Schelp.

Comment Letters Received for Exposed Proposed Revisions to Model #785 and Model #786, for individual letters, click the links below, for a combined file, click HERE.

 

On June 21, 2018, the Reinsurance (E) Task Force exposed proposed revisions to the Credit for Reinsurance Model Law (#785) and the Credit for Reinsurance Model Regulation (#786), which are intended to incorporate relevant provisions of the Bilateral Agreement Between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance ("Bilateral Agreement"), for a public comment period ending Monday, July 23, 2018. Comments should be directed to Jake Stultz  and Dan Schelp.

Comment Letters Received for Exposed Proposed Revisions to Model #785 and Model #786, for individual letters, click the links below, for a combined file, click HERE.

Covered Agreement Public Hearing held on February 20, 2018

Uniform Application Checklist for Certified Reinsurers - Updated June 2017

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

2006 Reinsurance Whitepaper

Qualified Financial Institutions List - Insurers (Only AVS+ subscribers have access)

Certified Reinsurance — Public Notices

Related NAIC Publications

Contacts

Reinsurance (E) Task Force

Mission Statement

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.

2018 Charges

The Reinsurance (E) Task Force will:

  1. Provide a forum for the consideration of reinsurance-related issues of public policy.

  2. Oversee the activities of the Reinsurance Financial Analysis (E) Working Group.

  3. Oversee the activities of the Qualified Jurisdiction (E) Working Group.

  4. Monitor the implementation of the 2011 and 2016 revisions to the Credit for Reinsurance Model Law (#785), the 2011 revisions to the Credit for Reinsurance Model Regulation (#786) and the Term and Universal Life Insurance Reserve Financing Model Regulation (#787).

  5. Communicate and coordinate with the Federal Insurance Office (FIO) and other federal authorities on matters pertaining to reinsurance.

  6. Consider any other issues related to the revised Model #785, Model #786 and Model #787.

  7. 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, the Reinsurance Mutual Recognition Subgroup and the Reinsurance Transparency Group.

  8. Consider the impact of reinsurance-related federal legislation, including, but not limited to, the federal Nonadmitted and Reinsurance Reform Act (NRRA) and the Federal Insurance Office (FIO) Act, and coordinate any appropriate NAIC action.

  9. Consider the impact of reinsurance-related international agreements, including the Bilateral Agreement Between the European Union and U.S. on Prudential Measures Regarding Insurance and Reinsurance (covered agreement). Complete by the 2019 Spring National Meeting.

  10. Develop revisions to the Credit for Reinsurance Model Law (#785) and the Credit for Reinsurance Model Regulation (#786) to conform to the terms of the Covered Agreement. Complete by 2018 Fall National Meeting.

  11. Develop revisions to the Credit for Reinsurance Model Law (#785) and the Credit for Reinsurance Model Regulation (#786) to allow reinsurers domiciled in NAIC qualified jurisdictions other than within the EU to realize reinsurance collateral requirements similar to those provided under the Covered Agreement under specified circumstances. In order for an insurer domiciled in a qualified jurisdiction outside of the EU to receive the same collateral requirement treatment as provided to EU-domiciled reinsurers, that non-EU qualified jurisdiction must agree to adhere to all other standards imposed upon the EU in the Covered Agreement, including the requirement that the qualified jurisdiction must agree to recognize the states’ approach to group supervision, including group capital. As part of its deliberations, the Task Force should consult with international regulators, in addition to all other interested parties. Complete by 2018 Fall National Meeting.

  12. Develop revisions to the Credit for Reinsurance Model Law (#785) and the Credit for Reinsurance Model Regulation (#786) to address the effect of a breach of the Covered Agreement (as determined pursuant to its terms) on a reinsurer’s collateral obligations and the effect of a failure of a non-EU qualified jurisdiction to meet the standards imposed by its agreement or acknowledgment to adhere to the terms of the Covered Agreement and/or the model law and regulation.  Complete by 2018 Fall National Meeting.

The following Working Groups report to the Reinsurance Task Force:

Key Documents OF THE
Reinsurance (E) Task Force

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, the 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, the 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
Term and Universal Life Insurance Reserve Financing Model Regulation (#787)
Term and Universal Life Insurance Reserve Financing Model Regulation (#787)

On December 13, 2016, the NAIC Executive (EX) Committee and Plenary adopted the Term and Universal Life Insurance Reserve Financing Model Regulation (#787).

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 (1.1.17)

 

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.