The Reinsurance Financial Analysis (E) Working Group will:
Operate in regulator-to-regulator session pursuant to paragraph 3 (specific companies, entities or individuals) of the NAIC Policy Statement on Open Meetings and operate in open session when discussing certified reinsurance topics and policy issues, such as amendments to the Uniform Application for Certified Reinsurers.
Provide advisory support and assistance to states in the review of reinsurance collateral reduction applications. Such a process with respect to the review of applications for reinsurance collateral reduction and qualified jurisdictions should strengthen state regulation and prevent regulatory arbitrage.
Provide a forum for discussion among NAIC jurisdictions of reinsurance issues related to specific companies, entities or individuals.
Support, encourage, promote and coordinate multistate efforts in addressing issues related to certified reinsurers, including, but not limited to, multi-state recognition of certified reinsurers.
Provide analytical expertise and support to the states with respect to certified reinsurers and applicants for certification.
Interact with domiciliary regulators of ceding insurers and certifying states to assist and advise on the most appropriate regulatory strategies, methods and actions with respect to certified reinsurers.
Provide guidance and expertise on regulatory policy and practices with respect to certified reinsurers.
Provide advisory support with respect to issues related to the determination of qualified jurisdictions.
Monitor the public passporting website and provide recommendations to the Task Force if amendments are required.
Consider changes in its current methods of monitoring certified reinsurers domiciled in Qualified Jurisdictions to incorporate changes to state reinsurance collateral requirements caused by the EU Covered Agreement and any changes to the Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786) to provide similar treatment to reinsurers domiciled in Qualified Jurisdictions. Complete by the 2019 Fall National Meeting.