NAIC Report: 2013 Summer National Meeting

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The National Association of Insurance Commissioners (NAIC) met in Indianapolis, Indiana, from August 24-27, 2013. Typical for the mid-year meeting, activity largely consisted of reports by various task forces and working groups on the progress of ongoing projects. The only notable new initiative is work on obtaining NAIC support for Congressional reauthorization of the federal Terrorism Risk Insurance Act (TRIA). Indiana Insurance Commissioner Stephen Robertson, as host for the Indianapolis venue, presented the Commissioners with bats made by Indiana’s Hoosier Bat Company. Continuing with the baseball theme, the Summer National Meeting was the baseball equivalent of a 1-1 game at the bottom of the 7th–not much excitement for the casual observer, but aspects to appreciate if you follow the game closely. The following are notable highlights of the meeting.

A. Issues of General Interest

1. Corporate Governance–Working Group “Loaded for Bear” to Develop Model Law by Year-End

2. Reinsurance–NAIC Finalizes Procedures for Evaluating Foreign Jurisdictions

3. The Solvency Modernization Initiative–Job Nearly Done, but Are There Redundancies?

4. International Regulatory Standards–U.S. Regulators are Wary

B. Issues of Particular Interest to Life Insurers

1. PBR Implementation Task Force Considers Captive and SPV Issues

C. Issues of Particular Interest to Property and Casualty Insurers

1. NAIC Begins Work on TRIA Reauthorization

2. Mortgage Insurance–Work Continues on Overhaul of Existing Regulation

3. Risk Retention Groups–State Accreditation Standards May Be Expanded to Require Increased Regulation

A. Issues of General Interest

1. Corporate Governance–Working Group “Loaded for Bear” to Develop Model Law by Year-End.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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