On August 24th, the Principle-Based Reserving Implementation (EX) Task Force (the “Task Force”) of the NAIC met at the NAIC Summer National Meeting. During the meeting, the Task Force set forth additional charges with respect to the use of captives by life insurers and determined that the NAIC needs to “further assess the solvency implications of life insurer-owned captive insurers and other alternative mechanisms in the context of [Principle-Based Reserving].”
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Regulatory
NAIC Summer Meeting Update: Surplus Lines (C) Task Force
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Surplus Lines (C) Task Force met on Monday morning at the 2013 Summer Meeting of the National Association of Insurance Commissioners (NAIC) in Indianapolis, IN. …
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NAIC Summer Meeting Update: Producer Licensing (EX) Task Force
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Producer Licensing (EX) Task Force met on Sunday afternoon at the 2013 Summer Meeting of the National Association of Insurance Commissioners (NAIC) in Indianapolis, IN. …
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NAIC Summer Meeting Update: Solvency Modernization Initiative Task Force – Group Solvency Issues Working Group
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Solvency Modernization Initiative (E) Task Force – Group Solvency Issues Working Group met on Sunday morning at the 2013 Summer Meeting of the National Association of Insurance Commissioners (NAIC) in Indianapolis, to discuss the status of the discussions with the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB). …
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NAIC Summer Meeting Update: Producer Licensing (EX) Working Group
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Producer Licensing (EX) Working Group met on Sunday morning at the 2013 Summer Meeting of the National Association of Insurance Commissioners (NAIC) in Indianapolis, IN to discuss the recommendations it will make at the Producer Licensing (EX) Task Force meeting, which will be held on Sunday afternoon. …
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NAIC Summer Meeting Update: Financial Regulation Standards and Accreditation (F) Committee
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Financial Regulation Standards and Accreditation (F) Committee met on Saturday afternoon at the 2013 Summer Meeting of the National Association of Insurance Commissioners (NAIC) in Indianapolis, IN.
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NAIC Summer Meeting Update: Risk Retention Group Task Force
By Troutman Pepper Locke on
Posted in Regulatory, United States
On Saturday morning at the 2013 Summer Meeting of the National Association of Insurance Commissioners (NAIC) in Indianapolis, IN, the Risk Retention Group (E) Task Force adopted various motions.
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FIO/FSOC Update as of August 20, 2013
By Troutman Pepper Locke on
The charter for the Federal Advisory Committee on Insurance (FACI), which had expired, has been renewed for two years. FACI provides advice to the Federal Insurance Office. Based on conversations with U.S. Department of Treasury officials, FACI expects the official notice to be published in the Federal Register later this month. …
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Increased IRS Scrutiny of Captive Insurance Arrangements
Posted in Regulatory
Following a recent government victory in U.S. District Court in Texas, the captive insurance company industry stands generally on alert, viewing this case as a sign of a perceived increase in focus by the Internal Revenue Service on captive insurance companies. …
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Large Storms in Oklahoma Rattling Local Insurance Industry
By Zachary Lerner & Troutman Pepper Locke on
Posted in Industry Developments, Regulatory
Weather patterns in Oklahoma have taken their toll on the local insurance industry. Due to an unexpectedly large number of powerful tornadoes in May, including the devastating tornado that struck Moore, Oklahoma, insurance companies have thus far seen claims for tornado damages in excess of $1 billion in Oklahoma.
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