Edwards Angell Palmer & Dodge LLP attended the International Insurance Forum sponsored by the National Association of Insurance Commissioners (the “NAIC”) in Washington, D.C. on May 18, 2009 (the “Forum”).  During the Forum, the NAIC announced its plans to review and address solvency issues within insurance holding companies.

The Government Accountability Office (the “GAO”) recently issued a report regarding its review of the steps made by the National Association of Insurance Commissioners (the “NAIC”) and state regulators to make rules regarding producer licensing, product approval, and market conduct regulation more uniform and reciprocal.  While the report notes that progress in these three areas has been made, the GAO believes that several challenges still remain. 

Late last month, the National Association of Insurance Commissioners (the “NAIC”) held a public hearing regarding the use of credit-based insurance scores by insurers.  The hearing served as a fact-finding session where opposing viewpoints were heard and discussed.  The topics covered included:  (1) what constitutes a credit-based insurance score; (2) an explanation of how insurers use credit-based insurance scores; and (3) how the current economic conditions are affecting policyholder premiums related to credit-based insurance scores.