Recap – NAIC Reinsurance (E) Task Force Met on October 25, 2007

On October 25, 2007, the National Association of Insurance Commissioners (“NAIC”) Reinsurance (E) Task Force held a conference call to discuss Reinsurance Regulatory Modernization Proposals and other matters.  Chairman John Oxendine (Georgia Insurance Safety and Fire Commissioner) opened the meeting by stating that the meeting’s purpose was to briefly review what would likely be discussed during the November 7 and 8, 2007 meetings scheduled in Atlanta, Georgia, in preparation for having a final proposal ready to vote on at the December meeting.  It was noted that interested parties wishing to make additional comments should submit those comments in writing, given that the purpose of this call was not to take or address public comments because many of the issues had already been discussed at length and considered. 

           
The Task Force discussed the desire to consider the “affiliate issue” and its plan to take an informal poll to determine whether it would take a formal vote on this issue in Atlanta.  Additionally, the Task Force discussed the importance of ensuring reciprocity with European insurers and reinsurers, as well as including that item on the Atlanta meeting agenda.  Another issue that will likely be addressed during the Atlanta meetings is “port of entry.”  It was noted that the Task Force anticipates having a “port of entry” model voted on in December, but that it is not required. 

 

The meeting concluded with the Chairman noting that the purpose of reviewing some of the issues that are expected to be discussed during the Atlanta meetings has been accomplished.  On a motion and a second, the meeting adjourned.

 

 

 

The foregoing is a brief summary of the discussion during the conference call and is not intended to be a comprehensive review of the items contained herein.  Should you have any questions, please feel free to contact this office.