Hugh T. McCormick

Hugh T. McCormick

Duane Morris LLP

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Report to NAIC on Captives: The Controversy About Principle-Based Reserves and Captives Continues

The use by life insurance companies of captive reinsurance companies to finance XXX and AXXX reserves has been a significant and contentious issue in recent years. Some members of the National Association of Insurance...more

3/27/2014 - Captive Insurance Company Life Insurance NAIC Reinsurance

First Ever: Global Capital Standards for Insurers

On October 9, 2013, the International Association of Insurance Supervisors (IAIS) took a significant step toward developing a first-ever risk-based global insurance capital standard (ICS). The target date for development of...more

10/14/2013 - Capital Requirements Insurers

Insurance Regulatory Update - Holding Company Supervision, Designation of Prudential Financial as Being "Too Big to Fail,"...

The National Association of Insurance Commissioners ("NAIC") 2013 Summer National Meeting, which was held in late August, saw a continuation of the debate over major insurance regulatory reforms. The first of these reforms...more

9/24/2013 - AIG Bank Holding Company FSB FSOC NAIC Prudential Supervision Too Big to Fail U.S. Treasury

Financial Stability Board Designates Nine Global Insurance Groups as "Global Systemically Important Insurers"

The Financial Stability Board (FSB), tasked by the G-20 to prevent a future financial crisis, on July 18, 2013, designated nine large insurance groups as Global Systemically Important Insurers (G-SIIs), three from the United...more

8/5/2013 - Financial Stability Acts G-SII Insurers Too Big to Fail U.S. Treasury

Recent Developments in New York's Taxation of Unauthorized Life Insurers

Prior to 2012, New York afforded surprisingly favorable tax treatment to life insurance companies that are not licensed to conduct business in New York ("unauthorized life insurers"), but that owned real estate investments in...more

5/3/2013 - Franchise Taxes Insurers Licenses Life Insurance Premiums Reinsurance

Principle-Based Reserves & SPVs: Regulatory Developments

In a Duane Morris Alert dated December 7, 2012, we addressed developments at the fall meeting of the National Association of Insurance Commissioners (NAIC) relating to principle-based reserves (PBR) and the draft White Paper...more

3/21/2013 - Federal Insurance Office NAIC Principle-Based Reserves Special Purpose Vehicles

Controversy Over Principles-Based Reserves & SPVs - Report from the NAIC Fall Meeting

The Fall Meeting of the National Association of the Insurance Commissioners (NAIC) generated some controversy on two topics. First, regulators addressed a major change for life insurers—how reserves for many products will be...more

12/7/2012 - Life Insurance National Association of Insurance Commissioners

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