TEST: NAIC December 2008 Meeting Update

 

 

NAIC December 2008 Meeting Update

Below is a recap of issues discussed during National Association of Insurance Commissioners (“NAIC”) meetings held during the month of December 2008.

The topics are grouped as follows:

• Winter 2008 National Meeting
• Property & Casualty
• Life Insurance and Annuities
• Solvency Modernization

 

WINTER 2008 NATIONAL MEETING

 

To view the comprehensive 2008 Winter National Meeting Summaries Report, click here.

 

Joint Executive Committee/Plenary

• Meeting Agenda and Materials

 

Capital & Surplus Relief Working Group

• Grid of American Council of Life Insurers (“ACLI”) Request Items Regarding the Commissioners’ Discretionary Authority on Collateral
• Technical Group Responses
  • Life 1a, Preferred Mortality Regulation
  • Life 1b, Actuarial Guideline 38
  • Life 1c, Segment Calculation
  • Life 2, X-Factor
  • Reinsurance Collateral
  • Variable Annuities 1, Actuarial Guideline 39
  • Variable Annuities 2
  • Investments 1
  • Statutory Accounting Principles

 

Climate Change and Global Warming Task Force

• Agenda
• November 26, 2008 discussion draft of the Insurer Climate Risk Disclosure Survey
• 2009 Proposed Charges

 

Suitability of Annuity Sales Working Group of the Life Insurance and Annuities Committee

• Agenda
• November 14, 2008 draft revisions to Model Regulation 275: Suitability in Annuity Transactions
• Summary of Proposed Revisions to Model Regulation 275

 

Regulatory Framework Task Force of the Health Insurance and Managed Care Committee

• NAIC Company Rescission and Preexisting Condition Exclusion Survey Questions–Comments due by January 15

 

Life and Health Actuarial Task Force and Accident and Health Working Group

• Meeting Materials

 

Property and Casualty Insurance Committee

• Agenda
• Market Regulation Handbook Chapter 25: Conducting the Advisory Organization Examination
• Letter from New York Insurance Superintendent Eric Dinallo addressed to all insurers, reinsurers and insurance producers regarding contract certainty
• Corporate Governance Standards for Risk Retention Groups draft report
  • Comments from the Risk Retention Group Task Force regarding Corporate Governance Standards for Risk Retention Groups
• Comments regarding regulatory guidance on the misuse of risk-based capital in ratemaking from the Casualty Actuarial and Statistical Task Force
• Overview of Workers’ Compensation Independent Contractor Regulatory Approaches October 2008 draft
• September 3, 2008 draft Natural Catastrophe Risk: Creating a Comprehensive National Plan
  • American Academy of Actuaries (“AAA”) Comments
  • American Insurance Association (“AIA”) Comments
  • AIA Letter to Commissioner McCarty
  • Cincinnati Insurance Comments
  • National Association of Mutual Insurance Companies (“NAMIC”) Comments
  • National Wildlife Foundation Comments
  • Nebraska Department of Insurance Comments
  • Property Casualty Insurers Association of America (“PCI”) Comments
  • Reinsurance Association of America (“RAA”) Comments
  • Wharton Risk Comments

 

Casualty Actuarial and Statistical Task Force

• Current Issues in Insurance Ratemaking for Catastrophic Events issue brief from the AAA’s Natural Catastrophe Subcommittee
• December 3, 2008 Guideline for Implementation of Medical Professional Liability Closed Claim Reporting draft

 

Large Deductible Study Implementation Working Group of the Workers’ Compensation Task Force

• Draft changes to the NAIC’s TPA Model Law Guidelines

 

Reinsurance Task Force

• Agenda and Materials

 

Life Risk-Based Capital Working Group

• Agenda and Materials

 

Receivership and Insolvency Task Force

• Agenda
• November 4, 2008 Meeting Minutes
• November 24, 2008 Receivership Technology and Administration Working Group Meeting Minutes
• November 21, 2008 Receivership Handbook Working Group Meeting Minutes

 

International Solvency and Accounting Working Group of the Financial Condition Committee

• Agenda
• Minutes from the October 6 meeting
• US and EU Solvency Comparison
  • Comments from ACLI
  • Comments from CEA Insurers of Europe
  • Comments from GNAIE
• Solvency Modernization Initiative – Solvency Issues
• IAIS Solvency Subcommittee Report – Bonn
• IASB & FASB Matters Update

 

International Accounting Standards Board

• October 2008 Meeting Update
• November 2008 Meeting Update

 

 

PROPERTY AND CASUALTY

 

Insurer Climate Risk Disclosure Survey

To view the Insurer Climate Risk Disclosure Survey draft dated November 26, 2008, click here.

Insurer Climate Risk Disclosure Survey comments:

• ACLI Comments
• AIA Comments
• NAMIC Comments
• PCI Comments
• RAA Comments
• American Health Insurance Plans (“AHIP”) Comments
• American International Group, Inc. (“AIG”) Comments
• Center for Economic Justice (“CEJ”) Comments
• F&C Investments Comments
• Puerto Rico Comments
• Zurich Comments

 

Casualty Actuarial and Statistical Task Force Meeting Minutes and Agendas

• December 7 meeting Agenda
• November 12 meeting minutes
• October 14 meeting minutes

 

Guideline for Implementation of Medical Professional Liability Closed Claim Reporting

To view the December 3 Guideline for Implementation of Medical Professional Liability Closed Claim Reporting draft, click here.

To view the September 2008 draft with comments, click here.

 

 

Workers’ Compensation Large Deductible Study

To view the Workers’ Compensation Large Deductible Study, created in October 2005 by the NAIC/IAIABC Joint Working Group, click here.

Comments:

• August 28 comments from the AAA regarding large deductibles
  • AAA large deductible exhibit
• December 3 comments from the AAA regarding large deductibles
  • AAA large deductible exhibit

 

Catastrophe Modeling Issues

To view the Catastrophe Modeling Issues Brief from the AAA, click here.

 

Reporting Requirements of Principles-Based Reserves

To view comments on experience reporting requirements of principles-based reserves from John Bruins of ACLI, click here.

 

 

 

Risk-Based Capital Charge for Property Catastrophe Risk

• To view the March 2008 draft proposal for a risk-based capital charge for property catastrophe risk based on the results of catastrophe modeling, click here.
  • November 10 comments from the RAA
• To view the December 2008 draft proposal with comments for a risk-based capital charge for property catastrophe risk based on the results of catastrophe modeling, click here.
• To view a risk-based capital factor update provided by the AAA, click here.  Supporting exhibits may be viewed by clicking here.
• To view the updated reserve charge for workers’ compensation proposed during the December 17 Property and Casualty Risk-Based Capital Working Group meeting, click here.
• To view minutes of the September 21, 2008 meeting of the Catastrophe Risk Subgroup of the Property Risk-Based Capital Working Group, click here.

 

 

LIFE INSURANCE AND ANNUITIES

 

Suitability of Annuity Sales Transactions Model Regulation

To view the November 14 discussion draft of proposed revisions to the Suitability of Annuity Sales Transactions Model Regulation, click here.

Discussion Draft Comment Letters:

• December 2008 comments from the National Association for Fixed Annuities (“NAIFA”)
• Joint December 3 statement from the ACLI, Insurance Marketplace Standards Association (“IMSA”), National Association of Insurance and Financial Advisors (“NAIFA”), and the Association for Insured and Retirement Solutions (“NAVA”)
• December 2008 comments from the NAIC Suitability of Annuity Sales Working Group Panel
• December 3 comments from NAVA
• December 11 comments from Prudential
• December 19 comments from IMSA
• December 19 comments from Bonita Kallestad, 2008 NAIC Funded Consumer Representative
• December 19 comments from NAIFA
• December 19 comments from NAVA

 

 

SOLVENCY MODERNIZATION

 

Solvency Modernization Initiative

To view the November 26, 2008 Non-Accounting Issues for Consideration in the Solvency Modernization Initiative draft, click here.

 

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