NAIC Reinsurance Task Force Meeting Scheduled for March 29

The National Association of Insurance Commissioners (“NAIC”) Reinsurance Task Force (“Task Force”) will hold a meeting on Saturday, March 29, 2008 from 3:00 p.m. to 5:00 p.m. in the Gaylord Palms Convention Center, Osceola C, Ballroom Level, Orlando, Florida.

On March 11-12, the Task Force held a regulator-to-regulator meeting to discuss the reinsurance regulatory modernization framework, an outline of which can be viewed by clicking here.

The Task Force was able to address several outstanding issues found within the framework, including the extraterritorial application of state law, definition of terms, regulatory authority retained by the ceding company’s domestic regulator, as well as the creation of a new class of national reinsurer from a certified reinsurance supervisor.

A summary of the March 11-12 meeting is attached.

Also attached, is an evaluation of the NAIC “Draft Proposal to Grant Recognition of Regulatory Equivalence to Non-U.S. Insurance Supervisors.”

A member of this Firm will attend the March 29 Task Force meeting and provide a report.

 

Should you have any questions or comments, please do not hesitate to contact this office.

 

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