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News Archive: National Association of Insurance Commissioners (NAIC)

New Year-End Disclosures Listed on NAIC’s Website

A number of new disclosures required for inclusion in property/casualty insurers’ NAIC Annual Statement filings for 2009 are listed on the NAIC website. At that URL, scroll down to “2009 Annual Instructions Review” then down to “Property/Casualty Annual Instructions.” (Posted: 1/12/2010)

NAIC’s Q & A on Residential Securities Tell How to Handle Regulatory Reporting

Although thinly held among property/casualty insurers, residential mortgage-backed securities’ special reporting requirements are the topic of a set of NAIC SVO frequently asked questions. (Posted: 1/4/2010)

SERFF Issues Remain Unresolved

The board of directors of the System for Electronic Rate and Form Filing met Dec. 5 and conducted a fairly routine meeting. A report on the closed election of officers and new members was given: Mary Jo Hudson, director of insurance for Ohio, was reelected chair, and Susan Eckler-Kerns will continue as vice chair. Several new regulators and industry representatives were also elected. (Posted: 12/16/2009)

NAIC Ratings Agency Committee Contemplates Comprehensive End to SVO Filings Exemption

Doubts about the reliability of traditional securities ratings used by insurers have prompted an NAIC draft report that recommends curtailing or ending the current exemption from use of SVO credit ratings. (Posted: 12/16/2009)

NAMIC Advocacy Update, December 16, 2009

(Posted: 12/16/2009)

The End of an Era Brings Opportunity for Change

Eighteen years ago, the NAIC began recruiting a very special group of private citizens to participate in its meetings and conference calls. Its weighty mission, according to the NAIC’s website, would be to “support state insurance regulation by providing consumer views on insurance regulatory issues.” Thus was born the “NAIC Consumer Liaison Committee,” which in 2009 consisted of 16 NAIC-designated “consumer representatives” and 26 commissioners. (Posted: 12/16/2009)

NAIC Elects Officers

The NAIC conducted its election of officers on Dec. 7 in a closed-meeting session. Officers selected for the upcoming year were Jane Cline, West Virginia, president; Susan Voss, Iowa, president-elect; Kevin McCarty, Florida, vice-president; and Kim Holland, Oklahoma, secretary-treasurer. (Posted: 12/16/2009)

Session Held on Social Media

The NAIC and the Insurance Marketplace Standards Association jointly held an educational session Dec, 8 focusing on the use of social networking websites – or social media. (Posted: 12/16/2009)

NAIC 2010 Budget Approved; Projects $2.6 Million Surplus

The NAIC’s Executive/Plenary Committee has approved a 2010 budget that expects $73.6 million in revenue and $71.0 million in expenses. (Posted: 12/16/2009)

Market Conduct Annual Statement Audit

An update on the NAIC Market Conduct Annual Statement project was provided during the meeting of the Market Regulation & Consumer Affairs (D) Committee on Dec. 8. (Posted: 12/16/2009)

Market Regulation Accreditation Proposal (4/28/2009)

Symposium Speakers Agree That Insurance has Little Systemic Risk (4/28/2009)

Holders of Residential Mortgage-Backed Securities Waiting for NAIC’s Valuation (4/28/2009)

Split NAIC Plenary Vote Allows Bump in Deferred Tax Assets for 2009-2010 (4/28/2009)

Awkward Interpretation of Audit Rule’s ‘Group’ Rendered More Acceptable (4/28/2009)

Fate of Statutory Accounting Weighed; GAAP or IFRS Could Supplant ‘Stat’ (4/28/2009)

Climate Change Task Force Hints at Broader Regulator Authority Over Climate Risk Disclosure, Holds Day-Long ‘Insurance and Climate Change Summit’ (4/28/2009)

Hearing on National Insurance Supervisory Commission Draws Large Crowd, Sharp Protests (4/28/2009)

NAMIC Asks New Mexico Insurance Superintendent Not to Impose Unnecessary, Costly SOX-like Requirements on Small Insurers (4/28/2009)

Market Regulation (4/28/2009)

NAIC Officers Election to be Held (4/28/2009)

‘Expected Value’ Approach for RMBS Proceeds With Selection of Consultant (4/28/2009)

Meaning of ‘Group’ at Issue in Internal Control Assessment (4/28/2009)

Snatching Complexity From the Jaws of Simplicity (4/28/2009)

NAIC to Hold Insurance, Climate Change Summit in Wake of Climate-Change Research Scandal (4/28/2009)

SERFF Board Governance and Public Access Issues (4/28/2009)

Fair Value Measurement Paper on Ramp to Become Accounting Standard in 2010 (4/28/2009)

Biden Addresses SRO Crowd at NAIC Meeting (4/28/2009)

Hearing on Usual, Customary, Reasonable Charges for Medical Care (4/28/2009)

Consensus for Liberalized Recognition of Deferred Tax Assets Emerges In D.C., but Final Vote on Treatment Remains (4/28/2009)

Solvency Modernization Initiative Task Force Resolves to Create Corporate Governance Unit (4/28/2009)

Climate Change, Global Warming (EX) Task Force Unveils ‘Prototype’ Responses to Climate Risk Disclosure Survey; Announces December ‘Summit’ (4/28/2009)

All-Day Hearing is Strong Signal NAIC May Limit or End ‘Filing-Exempt’ Approach for Securities Held by Insurers (4/28/2009)

Market Conduct Annual Statement Update (4/28/2009)

Joint Committees Consider ‘Concept of Regulating Entities Providing Credit-Based Insurance Scores as Advisory Organizations’ (4/28/2009)