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Michael McRaith, the Director of the Federal Insurance Office, has offered useful information regarding the TRIA disclosure notices to supplement the February 6 interim guidance. The interim guidance called for an April 13, 2015 deadline for insurance companies to deliver certain TRIA-related notices to policyholders. During a March 19 conference…
Read More McRaith Offers Additional Information on the April 13 Deadline for TRIA Disclosure Notices

Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the role of board of director audit committees in the oversight of insurance company financial reporting, auditor qualifications and independence, corporate governance and…
Read More Evolving Audit Committee Standards for Texas Insurers

The global stock of insurance linked securities at the end of 2014 was approaching $25.2 billion.  Yesterday George Osborne unleashed the giant peach for the United Kingdom in a seemingly measured statement but one full of promises.

“2.228 Global reinsurance – the government announced at Autumn Statement 2014 that it…
Read More George Unleashes the Giant Peach

MEDICAID INTERCEPTION
The Property and Casualty Insurance Committee adopted an amended 2014 NCOIL Model Act Regarding Medicaid Interception of Insurance Payments, which was approved by the Executive Committee later that day. The amended model creates an exemption for payments that a property-casualty insurer makes to fund a structured settlement annuity…

Read More Highlights of the National Conference of Insurance Legislators (NCOIL) Spring Meeting in Charleston, South Carolina, February 27 to March 1, 2015

On Tuesday, March 10, the Bipartisan Policy Center, which was created in 2007 by former Congressional leaders as a Washington D.C.- based think tank, announced it was launching an insurance task force. The task force would assess the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on…
Read More Bipartisan Policy Center Forms Insurance Task Force

Comments on the proposed revised guidance to be added to Financial Analysis Handbook related to reviewing form Change In Control Applications (attached) are due close of business today to Dan Daveline, NAIC Staff at . 

The comments will be discussed at the upcoming NAIC meeting in Phoenix.Read More Private Equity Issues Working Group-Exposed until COB Wednesday, March 11

South Dakota recently enacted legislation that will allow insurance agents and service contract producers (e.g. motor vehicle dealer) to form captive insurance companies to insure or reinsure the risks placed by or through such agency or service contract producer. The law, which does not got into effect until July…
Read More South Dakota Enacts Law Allowing Insurance Agents and Service Contract Producers to Form Captives

The California Department of Insurance issued a bulletin on February 18, 2015 advising insurers that they may not use “price optimization” as a rating factor in California. The Department defines price optimization as “any method of taking into account an individual’s or class’s willingness to pay a higher premium relative…
Read More California Department Bans Price Optimization

The NAIC’s Private Equity Issues Working Group has exposed for comment the attached, proposed revised guidance to be added to Financial Analysis Handbook related to reviewing Change In Control Applications . Comments are due by Wednesday, March 11, 2015 and will be discussed at the NAIC National Meeting in…
Read More Private Equities Working Group Exposed Revised Guidance Until COB Wednesday, March 11

On February 9, Connecticut Governor Dannel Malloy wrote a letter to U.S. Department of the Treasury Secretary Jacob Lew and U.S. Trade Representative Ambassador Michael Froman expressing his concern over their departments’ consideration of preempting state insurance regulation by potentially negotiating a “covered agreement” with foreign authorities. Such an agreement…
Read More Connecticut Governor Urges Treasury and the Office of U.S. Trade Representatives to Leave Reductions in Collateral Requirements of Reinsurers to the States