On April 17, 2014, the President’s Working Group on Financial Markets (“PWG”) released its report (the “Report”) to Congress on the state of terrorism risk insurance, as required under the Terrorism Risk Insurance Act (“TRIA”).
Read More PWG TRIA Report Released; Prices Remain Low, but Uncertainty Continues
Live Blog: Edwards Wildman Roundtable with Pennsylvania Commissioner Michael Consedine
On March 31, 2014, Edwards Wildman Palmer LLP (“Edwards Wildman”) hosted an informal roundtable attended by Pennsylvania Commissioner Michael Consedine. Other invitees included clients of Edwards Wildman, as well as acquaintances of the firm.
Read More Live Blog: Edwards Wildman Roundtable with Pennsylvania Commissioner Michael Consedine
Live Blog: Principle-Based Reserving Implementation (EX) Task Force
The Principle-Based Reserving (“PBR”) Implementation (EX) Task Force (the “Task Force”) discussed a variety of topics related to the development and implementation of PBR at the Spring NAIC Meeting. During introductory comments, it was noted that 9 states have enacted PBR legislation, with 4 states waiting for their respective governors to sign PBR into law.
Read More Live Blog: Principle-Based Reserving Implementation (EX) Task Force
Live Blog: International Insurance Relations (G) Committee Spring NAIC Meeting
The International Insurance Relations (G) Committee (the “Committee”) Spring NAIC Meeting focused primarily on providing updates to efforts made in the international sphere by the NAIC.
Read More Live Blog: International Insurance Relations (G) Committee Spring NAIC Meeting
Live Blog: Reinsurance (E) Task Force NAIC Meeting
The Reinsurance (E) Task Force (“Task Force”) NAIC Spring Meeting covered a variety of reports and initiatives, however the bulk of the meeting focused on the certification process for reinsurers.
Read More Live Blog: Reinsurance (E) Task Force NAIC Meeting
Live Blog: Financial Regulation Standards and Accreditation (F) Committee Spring NAIC Meeting
The Financial Regulation Standards and Accreditation (F) Committee (the “Committee”) Spring NAIC Meeting addressed a number of pertinent topics; however, the majority of debate and comments centered around the definition of “Multi-State Insurer” for accreditation purposes.
Read More Live Blog: Financial Regulation Standards and Accreditation (F) Committee Spring NAIC Meeting
Live Blog: Mortgage Guaranty Insurance (E) Working Group Spring NAIC Meeting
The Mortgage Guaranty Insurance (E) Working Group (the “Group”) Spring NAIC Meeting focused on the debate around the NAIC’s latest draft of the Mortgage Guaranty Insurance Model Act (the “Act”).
Read More Live Blog: Mortgage Guaranty Insurance (E) Working Group Spring NAIC Meeting
Live Blog: Emerging Accounting Issues Working Group & Statutory Accounting Principles Working Group Meeting
On Saturday, March 29th, 2014, the Emerging Accounting Issues Working Group & Statutory Account Principles Working Group held a meeting to adopt certain standards and to expose other proposals for comments. The sole topic of substantial debate surrounded moving forward with the Accounting for the Risk Sharing Provisions of the Affordable Care Act (the “Act”).
Read More Live Blog: Emerging Accounting Issues Working Group & Statutory Accounting Principles Working Group Meeting
Live Blog: CIPR Spring Event: Insuring Cyber Liability Risk (NAIC Spring Meetings)
Speakers at the Spring NAIC Meeting in Orlando on the topic of insuring cyber liability risk offered commentary on risks and damages associated with cyber attacks in the United States, as well as how the insurance market has (and has not) developed to help mitigate risk. Representatives included district attorneys, practicing intellectual property lawyers, federal agents as well as state regulators.
Read More Live Blog: CIPR Spring Event: Insuring Cyber Liability Risk (NAIC Spring Meetings)
Rector Report has NAIC Moving Forward on PBR
On February 17, 2014, the NAIC Principle-Based Reserving Implementation (EX) Task Force opened for comment a report by Rector & Associates, Inc. (the “Rector Report”) regarding reserve financing transactions.
Read More Rector Report has NAIC Moving Forward on PBR