NAIC International Solvency & Accounting Working Group Requests Vote on IAIS Draft Letter

The message below was sent from Rob Esson, National Association of Insurance Commissioners (“NAIC”) Senior International Advisor, on behalf of Commissioner Al Gross to National Association of Insurance Commissioners Members, Interested Regulators and Interested Parties of the NAIC International Solvency & Accounting Working Group:

 

Please find attached the draft minutes and draft letter to the IAIS from last week’s meeting of the working group. As mentioned at the meeting, the letter to the IAIS needs to be sent out prior to the next meeting of the IAIS Insurance Contracts Subcommittee in Sydney in two weeks time if the IAIS is to have the benefit of the Working Group’s thinking. The letter specifically states that “the NAIC views on the discussion paper are evolving and the views expressed in this letter may not represent our final views.” As such, and as mentioned in the meeting, it is expected that there will be further comment from the NAIC on the discussion paper, and members and interested parties are encouraged to provide subsequent comment no later than one week prior to the September National Meeting so that the positions and comments in the draft letter may be refined and discussed at that meeting.

Nonetheless, I am asking members to vote on adopting the attached letter (shown with the edits as a result of the meeting) as representing the current view of the working group so that these can be considered by the IAIS in Sydney. Working group members (AR, AZ, CA, DC, FL, IA, NJ, NM, NY, OH & WI) are asked to register their vote by e-mail no later than Friday, August 31 on adoption of the draft letter as representing the current evolution of views of the working group. This would then enable staff to forward the letter to the IAIS Insurance Contracts Subcommittee prior to the Labor Day weekend.

Please send your vote to Rob Esson at resson@naic.org, full details below.

Rob Esson
Senior International Advisor
NAIC
2301 McGee St Ste 800
Kansas City MO 64108-2662
USA
Tel: +1 816 783 8131
Fax: +1 816 460 7474
E-Mail: Resson@naic.org