NAIC Reinsurance Task Force Set to Finalize Modernization Proposal During July 23-25 Meeting

 

The National Association of Insurance Commissioners (“NAIC”) Reinsurance Task Force has scheduled an open interim meeting in New York City from July 23-25, 2008 to attempt to finalize its 2008 Reinsurance Regulatory Modernization Proposal. 

The Proposal, which has been available for public comment since late in 2007, calls for amending the existing regulatory framework to allow for single-state licensing of U.S. reinsurers, and encourages the NAIC to develop a Reinsurance Supervision Review Department (“RSRD”).

Currently, in the European Union, members are in the process of implementing a new reinsurance directive. The NAIC’s reinsurance Proposal could ultimately provide a framework for mutual recognition between the U.S. and non-U.S. jurisdictions.

The RSRD would assist in the evaluation of the extent to which non-U.S. jurisdictions apply regulatory oversight that is “functionally equivalent” to U.S. regulation. Under the proposal, non-U.S. reinsurers domiciled in “functionally equivalent” jurisdictions would be allowed to access the entire U.S. market through a single port of entry state.

To view the Dec. 2, 2007 Reinsurance Task Force Memorandum on the Proposal, click here.

The July 23-25 Reinsurance Task Force meeting will take place at:
Doubletree Metropolitan Hotel
569 Lexington Avenue
New York, New York, USA, 10022
(212) 752-7000

 Scheduled meeting times are as follows:

• July 23    Noon – 5:00 p.m.   
• July 24    9:00 a.m. – 5:00 p.m. 
• July 25    9:00 a.m. – Noon 

Part of the scheduled time may be devoted to regulator-to-regulator meetings. 

 

Should you have any questions or comments, please do not hesitate to contact Colodny Fass.

 

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