NAIC Summer Meeting and Reinsurance Task Force Update

 

The National Association of Insurance Commissioners (“NAIC”) Summer 2008 National Meeting concludes today, June 2, 2008 in San Francisco, California.

Summaries for committee, task force, working group, subgroup, and technical group meetings will be made available at www.naic.org upon their completion and submittal. To access a list of completed meeting summaries, click here.

Below are NAIC press releases issued immediately prior to, and during this weekend’s meeting:

• Rating Reform Benefits Bond Market
• NAIC Signs MOU With Thailand
• OPTins Expedites Premium Tax Filing, Payment
• Health Care Hearing Provides Ideas, Solutions
• Edgewood Center Selected Official Charity for NAIC Meeting
• Insurance Compact Expands Product Standards Portfolio (IIPRC Web Site)

Reinsurance Task Force

The Reinsurance Task Force met on Saturday, May 31 in San Francisco. Although a summary of this meeting is still pending, attached are interested parties’ comments that were submitted in advance of the meeting to the Reinsurance (E) Task Force (“Task Force”) regarding the Reinsurance Regulatory Modernization Proposal. To view a complete list of comments already submitted, click here.

To view the December 2, 2007 Task Force meeting minutes click here. To view the Reinsurance Regulatory Modernization Framework Proposal Memorandum, click here.

The 2008 Task Force charges include:

• Considering the adequacy and appropriateness of currently applicable collateralization requirements regarding unauthorized reinsurers
• Monitoring the activities of the Property and Casualty Reinsurance (C) Study Group for matters that should be considered by the Task Force
• Monitoring the development of EU reinsurance standards and prepare a comparison of the final standards with US reinsurance regulatory law
• Determining what changes would be necessary to harmonize the two systems
• Considering the design of a revised U.S. reinsurance regulatory framework

Should you have any questions or comments, please do not hesitate to contact Colodny, Fass, Talenfeld, Karlinsky, & Abate