Special Focus: NAIC Hearing Regarding The Implementation Of The Covered Agreement

Carlton Fields
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On July 31, 2017 we posted a Special Focus article on the final approval of the Covered Agreement(“the Agreement”) negotiated and entered into by U.S. and E.U. dealing with reinsurance collateral reform and insurance supervision-related issues.That article described the preliminary process and the extended timing for the implementation of the Covered Agreement. On February 20, 2018, the National Association of Insurance Commissioners (“NAIC”) and its Reinsurance (E) Task Force held a public hearing to address issues relating to the implementation of the reinsurance collateral reform provisions of the Covered Agreement, which is but one aspect of the Covered Agreement.

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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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