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NAIC Approves Seven Foreign Countries As Qualified Jurisdictions For Reinsurance Collateral Reduction Requirements And Announces...

At its December 11, 2014 meeting, the National Association of Insurance Commissioners (NAIC) approved seven foreign countries as Qualified Jurisdictions so that reinsurers licensed and domiciled in those jurisdictions will be...more

Latest Developments in Regulation of XXX/AXXX Captives

The National Association of Insurance Commissioners (the "NAIC") is forging ahead with its work on captive insurance companies used by life insurance companies to finance reserves required under current regulations; these...more

The National Association of Insurance Commissioners Weigh in on Issues of Network Adequacy

Network adequacy—a health plan’s ability to provide timely access to a sufficient number in-network providers—has become a matter of increased scrutiny during these early years of ACA implementation; Many consumer and...more

National Association of Insurance Commissioners Releases Draft Model Law Updating Managed Care Adequacy Model Act

On November 12, 2014, the National Association of Insurance Commissioners (“NAIC”) released a draft model law updating the NAIC’s Managed Care Network Adequacy Model Act. The NAIC regularly creates model laws to serve as...more

NAIC Adopts Corporate Governance Annual Disclosure Models – What All Insurers Need To Know

Insurers should be preparing now to comply with a significant new annual filing requirement on corporate governance. Understanding the type and scope of information that must be filed is critical to preparing for this new...more

NAIC 2014 Fall National Meeting and Congressional Hearing on Global Standards in Insurance Regulation

The National Association of Insurance Commissioners (NAIC) met for its Fall National Meeting in Washington, D.C. from November 14th through November 19th. As with prior meetings, competition among state, Federal and...more

FIO Focus, No.67 - Hearing on the Impact of International Regulatory Standards

On November 18, 2014, the Housing and Insurance Subcommittee of the House Committee on Financial Services held a hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.”...more

Special Edition: Title Insurance Regulatory and Legislative Update

New York Title Insurance Agent Licensing Statute: Business entities and individuals who meet the conditions set forth in New York Insurance Law section 2101(y)(1) are required to become licensed. Business entity licensees...more

Trick or Treat? Halloween Meeting of NAIC's Contingent Deferred Annuity Working Group

During its October 31 conference call, the NAIC's Contingent Deferred Annuity (CDA) Working Group startled issuers and those considering issuing CDAs by reawakening a discussion on whether CDAs should contain nonforfeiture or...more

Rhode Island Division Of Insurance Amends Credit For Reinsurance Regulation

Effective September 2, 2014, Insurance Regulation 59 entitled “Credit for Reinsurance” is amended to update the regulation to the current version of the National Association of Insurance Commissioners (NAIC) Model Regulation...more

FIO Focus, Issue No. 62: FIO Issues Second Annual Report

Pursuant to its mandate under the Dodd-Frank Act, the Federal Insurance Office (FIO) recently issued its second Annual Report on the Insurance Industry (Report). The Report provides information about the financial condition...more

Expect Focus - Regulators Are Watching: New Products, New Opportunities, New Risks - Volume III, Summer 2014

In This Issue: - IN THE SPOTLIGHT ..Standard CGL Policy Form Adds Data Breach Coverage Exclusion - LIFE INSURANCE ..Class Claims Against Lincoln National Barred in Section 419 Action – Again ...more

The NAIC Considers a Stable of Issues at the Summer National Meeting

During the 2014 Summer National Meeting, contingent deferred annuities led the way with the most NAIC groups considering the regulation of CDAs. - At the head of the pack was the CDA (A) Working Group, which received...more

Hawaii Enacts NAIC-Recommended Revisions To Credit For Reinsurance Law

Hawaii’s House/Senate conference committee cleared the way for passage by the full houses of NAIC’s Model Act on Credit for Reinsurance, to address NAIC’s recommended updates pursuant to its Solvency Modernization Initiative....more

NAIC Unclaimed Life Insurance Benefits Working Group Recommends Development of Model Law and Comment Letter to Uniform Law...

On September 17, 2014, the NAIC's Unclaimed Life Insurance Benefits (A) Working Group (Working Group) discussed its recommendations to the Life Insurance and Annuities (A) Committee (the (A) Committee) concerning unclaimed...more

Factoryless Goods Producers May Be as Hypothetical as Their Domestic Factories

Recently, the Office of Management and Budget (“OMB”) has considered a controversial new federal classification: “Factoryless Goods Producers” (“FGP”). FGP recognizes that a significant portion of the American workforce is...more

NAIC Moving Forward on Regulation of XXX/AXXX Financing Transactions

For more than two years, the National Association of Insurance Commissioners (the "NAIC") has been addressing the use by life insurers of captive reinsurers to finance reserves for certain term life insurance or universal...more

NAIC Executive Committee Adopts Framework For Changes To Captive Reserve Requirements

NAIC’s Executive Committee met at NAIC’s annual meeting in Louisville, Kentucky on August 16 and 17, 2014. The Executive Committee furthered its action on reserve requirements for captive reinsurers and adopted the “XXX/AXXX...more

NAIC Report – 2014 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Summer National Meeting in Louisville, Kentucky, August 14-19. International regulatory standards were a prime focus of the meeting, as the International...more

The Sliding Scale of Health Coverage: Finding the Intersection of Cost, Access and Quality

While not a new concept, the use of narrow networks has become a lightning rod for the controversy surrounding qualified health plans (QHPs) offered on the insurance exchanges created under the Affordable Care Act (ACA) and...more

Regulators Target Insurance Company Acquisitions by Private Equity Funds

Private equity firms and hedge funds have stepped up efforts to acquire insurance companies in recent years. This has prompted regulators to increasingly air their own unease with the risks they perceive associated with such...more

Rector Report on reforming reserve financing transactions: much work remains – 6 developments

On June 30, 2014, the NAIC Principle-Based Reserving Implementation (EX) Task Force (PBR Task Force) held a conference call to discuss comments to the modified recommendations to the report issued by Rector & Associates, Inc....more

Captive Insurance Trade Association Opposes Proposed Revisions To The National Standards For State Accreditation

In a letter dated May 19, 2014, the Captive Insurance Companies Association (CICA) urged the National Association of Insurance Commissioners (NAIC) to reject proposed revisions to the definition of “multi-state reinsurer” in...more

Colorado Amends Laws Governing Credit For Reinsurance And Receiverships

Colorado has amended its laws regarding credit for reinsurance and receiverships to conform to certain model acts adopted by the National Association of Insurance Commissioners (NAIC). House Bill 14-1315, conforms Colorado...more

Is SLIMPACT Losing Steam? Tennessee Switches To NIMA

As part of the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in July, 2010, Congress incorporated the Nonadmitted Insurance and Reinsurance Reform Act (“NRRA”), which provides that...more

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