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Please send all comments to Becky Meyer at email@example.com by May 8, 2019.
The proposal revises the Part A Preamble to include fraternal benefits societies with respect to principle-based reserving (PBR). PBR was previously adopted as an accreditation standard and includes fraternals in the standard. The proposed Preamble change therefore ensures consistency with the standard in conjunction with the effective date of Jan. 1, 2020.
The proposal includes the following elements for consideration during the exposure:
The mission of the NAIC accreditation program is to establish and maintain standards to promote sound insurance company financial solvency regulation. The accreditation program provides a process whereby solvency regulation of multi-state insurance companies can be enhanced and adequately monitored with emphasis on the following: