NAIC Reinsurance Task Force Issues Reinsurance Regulatory Modernization Act Draft; Comments Due By August 17
Jul 30, 2009
The National Association of Insurance Commissioners (“NAIC”) Reinsurance Task Force issued an updated draft of the Reinsurance Regulatory Modernization Act of 2009 on July 27, 2009. To view the draft, click here.
This draft reflects changes to the March 24, 2009 version discussed during the Task Force’s meeting at the NAIC 2009 Summer National Meeting. To view a summary of this meeting, click here.
Please send any comments to Ryan Couch (rcouch@naic.org) by Monday, August 17.
Related reference documents include:
- Redlined July 27, 2009 draft reflecting changes made to the March 24, 2009 version
- Compilation of comments submitted on the March 24, 2009 draft and corresponding resolutions
The Reinsurance Regulatory Modernization Act of 2009 would create two new classes of reinsurers in the United States: U.S.-domiciled national reinsurers and non-U.S.-based port of entry reinsurers. It also introduces modified collateral requirements for eligible reinsurers and establishes a new framework for state-based reinsurance regulation based on the concepts of supervisory recognition, single-state licensure for U.S. reinsurers and single-state certification for non-U.S. reinsurers from approved jurisdictions.
Should you have any questions or comments, please contact Colodny Fass.
To unsubscribe from this newsletter, please send an e-mail to ccochran@cftlaw.com