NAIC Meeting Updates–November, 2008
Dec 1, 2008
NAIC November, 2008 Meeting Update
Below is a recap of issues discussed during National Association of Insurance Commissioners (“NAIC”) meetings held during the month of November, 2008.
The topics are grouped as follows:
- General Regulatory
- Life and Health
- Workers’ Compensation
- Property & Casualty
GENERAL REGULATORY
Conflict of Interest Statement
The Consumer Participation Board of Trustees approved the following:
This Statement will next be presented to the NAIC Executive Committee for adoption during the Winter 2008 National Meeting.
Surplus Lines Premium Taxes Updates
The Surplus Lines Task Force met in November to discuss formation of a working group to study the feasibility of establishing a national clearinghouse for the allocation of multi-state surplus lines premium taxes.
Supporting NAIC Models:
- NAIC Model Number 870: Non-Admitted Insurance Model Act
- NAIC Model Number 872: Allocation of Surplus Lines and Independently Procured Insurance Premium Tax on Multi-State Risks Model Regulation
To view a memorandum dated November 7 containing background information on surplus lines premium tax with multi-state exposures, click here.
LIFE AND HEALTH
Medicare Supplement Compliance Manual
To view the July 2008 NAIC Medicare Supplement Insurance Model Regulations Compliance Manual draft, click here.
To view a draft revision provided by the American Academy of Actuaries’ (“AAA”) Medicare Supplement Work Group, click here.
To view related submitted comments, click here.
Preferred Mortality Table Updates
To view the September 21 Life and Health Actuarial Task Force Valuation Table Team Update from the Society of Actuaries and AAA Joint Project Oversight Group, click here.
To view comments provided by the American Council of Life Insurers (“ACLI”), click here.
Health Risk-Based Capital Trend Test Updates
To view comments received from America’s Health Insurance Plans (“AHIP”), click here.
Comparison charts (to view, click below):
- Health RBC Trend Test Comparison Chart
- Health Trend Test Comparison of Total Adjusted Capital to Risk-Based Capital table
Standard Valuation Law (“SVL”) Updates
To view the September 22 Standard Valuation Law draft exposed for comments, click here.
To view comments on the SVL draft, click here.
To view the November 7 working draft based on the September 22 exposure draft, click here.
To view SVL amendments, click on the links below.
Valuation Method (“VM”) Updates
VM-00: Valuation Manual
To view the September 22 exposure draft of VM-00, click here.
VM-01: Definitions for Terms in Requirements
To view the September 22 exposure draft of VM-01, click here.
Blanks Changes Due to Principles-Based Reserve (“PBR”)
To view a report detailing blanks changes due to PBR submitted to the Life Actuarial Task Force from the Valuation Method PBR Process and Coordination Subgroup, click here.
VM-20: Requirements for Principle-Based Reserves for Life Products Updates
To view the VM-20 working draft dated October 29, click here. This working draft incorporates comments received about the September 22 exposure draft, which may be viewed by clicking here.
To view comments on VM-20 amendments from the ACLI, click here.
VM-25: Health Insurance Reserves Minimum Requirements
To view the September 2008 exposure draft of VM-25, click here.
Health Actuarial Opinion Instructions Exposure Draft Updates
To view the 2009 Health Annual Statement Instructions exposure draft, click here.
To view the October 28 comments from Alan Furan of Ohio, click here.
To view amendments suggested by Steve Ostlund of Alabama, click here.
WORKERS’ COMPENSATION
Workers’ Compensation Large Deductible Study Updates
To view the proposed sample format for first dollar earned premium equivalents reporting, click here.
To view comments from the AAA Workers’ Compensation Subcommittee on the proposed model for the reporting of first dollar premium equivalents for large deductible workers’ compensation insurance policies to the Large Deductible Study Implementation Working Group, click here.
To view related submitted comments, click here.
PROPERTY & CASUALTY
Personal Lines Regulatory Framework Updates
To view the October 17 Personal Lines Regulatory Framework draft, click here.
To view related submitted comments, click here.
Reinsurance Risk Transfer Updates
To view comments from the NAIC Casualty Actuarial and Statistical Task Force on reinsurance risk transfers, click here.
To view selected pages from the Statistical Handbook for Regulators for discussion regarding accelerated reports, click here.
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