Insurers and other capital markets participants, including sponsors of structured assets, should note an important development from the National Association of Insurance Commissioners (NAIC) that could result in regulatory...more
At its June 18 meeting, the Valuation of Securities Task Force (VOSTF) of the National Association of Insurance Commissioners (NAIC) voted to expose a new draft of its controversial proposal, available here, to allow the...more
Insurers with unwanted runoff blocks of business should consider the latest guidance from insurance regulators on potential transactional structures that could mitigate this issue. On May 13, the Restructuring Mechanisms (E)...more
Insurers that outsource investment management to affiliates should consider new guidance from insurance regulators on such arrangements. On March 19, 2024, following its March 16 session at the National Association of...more
On Feb. 21, 2024, the National Association of Insurance Commissioners (NAIC) announced that it had adopted the NAIC Statement on Environmental, Social, and Governance Policies for the insurance sector. The 50-plus state and...more
Widely reported allegations of fraud at an offshore company this past summer have drawn attention to the use of letters of credit (LOCs) to secure reinsurance obligations. The company, now in bankruptcy, specialized in...more
Culminating a four-year-long process, a key working group of insurance regulators has adopted new standards for determining whether an investment held by an insurance company should be characterized as a “bond” evidencing a...more
As of March 11, the Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) has removed Silicon Valley Bank (SVB) from the list of approved banks (“qualified U.S. financial institutions,” or...more
On March 9, the International Association of Insurance Supervisors (IAIS) announced the criteria, available here, that will be used to assess whether the Aggregation Method, or AM, provides comparable outcomes to the...more
The National Association of Insurance Commissioners (NAIC) recently announced its regulatory priorities for 2023. Insurers should consider the extent to which these matters impact them and the prospect that insurance...more
A National Association of Insurance Commissioners (NAIC) working group adopted changes to the NAIC’s Financial Analysis Handbook (Handbook) capturing a number of current topics affecting insurers. Insurers should consider the...more
Internationally active insurance groups (IAIGs) with U.S. domestic insurers should be alert to key changes in regulatory oversight being considered by the National Association of Insurance Commissioners (NAIC). These changes...more
Parent companies of insurers doing business in New York would be required to file a “group capital calculation,” or GCC, with the Superintendent of Financial Services under legislation introduced in the state Senate on May 3,...more
Insurers with legacy blocks of business, or with other motivations to enter into block transfers of business or corporate split-offs, should consider a recent regulator call on so-called Insurance Business Transfers (IBTs)...more
Insurers and others are closely following efforts by the National Association of Insurance Commissioners (NAIC) to develop a new, comprehensive, “principles-based” definition of debt securities for purposes of insurers’...more
New York-domiciled insurers should take note of new latitude from their home-state regulator concerning exchange-traded funds (ETFs) in their investment portfolios. The guidance could permit insurers to hold less capital...more
Insurers and fund advisers should consider newly proposed guidance from insurance regulators on funds’ use of derivatives in the context of regulatory capital treatment of a fund’s units, shares or interests. Once finalized,...more
Insurers and reinsurers navigating the increasingly complex rules on reciprocity for collateral requirements should consider recent guidance from the leading U.S. standard-setting body. On June 17, 2021, the Reinsurance...more
Pharmacy benefit managers (PBMs) should consider the implications of a model law making its way through the National Association of Insurance Commissioners (NAIC) that would establish a licensure requirement and rules of...more
4/13/2021
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The Model Law
Insurers in which a shareholder has a 10% or greater position should consider the latest guidance from state insurance regulators on variable interest entities (VIEs) and related parties. ...more
Insurance holding companies should be closely following the accelerating efforts by state insurance regulators to impose oversight over group (in addition to legal entity) financial resources....more
On August 14, at its all-virtual summer national meeting, the National Association of Insurance Commissioners (NAIC) adopted guidance governing illustrations for index-based life insurance. In a key development, New York...more
The National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles Working Group (SAPWG) met remotely on July 30, as part of the NAIC’s all-virtual 2020 Summer National Meeting....more
Controlling persons of insurance companies would be required to file an annual group capital calculation (GCC) with state insurance regulators, and such information would be subject to confidentiality protections, under new...more
On June 3, amendments to New York insurance regulations, available here, became effective that will permit the New York Superintendent of Financial Services to act as group-wide supervisor of internationally active insurance...more