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News Archive: National Association of Insurance Commissioners (NAIC)

Hearing Held on Producer Licensing Examinations

The Producer Licensing (EX) Task Force and the Producer Licensing (Ex) Working Group held a public hearing on Tuesday on producer licensing testing and examinations. (Posted: 8/19/2010)

New SSAP 35R Held for Re-Exposure; North Carolina Beach Plan Proposal Pulled

A new statutory accounting standard for treatment of guaranty-fund assessments on insurers will be on ice until the next NAIC meeting. (Posted: 8/19/2010)

Climate Change Task Force Reports Disappointing Results

Back in March 2009, when the NAIC voted unanimously to adopt the Insurer Climate Risk Disclosure Survey, a key question was how many states – and which states – would actually administer the survey. The question lingered for a full year, at which point the NAIC membership, in a classic case of buyer’s remorse, decided to scrap the original survey and substitute a less onerous version that afforded states the discretion to make insurer participation voluntary (in contrast to the original version) and keep insurer responses confidential (also in contrast to the original version). But still the question remained: What would individual state insurance departments actually do in regard to the survey? (Posted: 8/19/2010)

Market Conduct Data Changes Finalized, Timing Remains Unsettled

The Market Analysis Procedures Working Group met Sunday morning, while its parent Market Information Systems (D) Task Force met Monday morning. Between those two meetings, most issues related to the current batch of changes in the data elements for the Market Conduct Annual Statement were settled. The Market Analysis Procedures Working Group, which had already approved a final set of MCAS data element changes on its last conference call, voted during its meeting to adopt revised definitions for use with the modified data elements. (Posted: 8/19/2010)

Consumer Connections Working Group Moves Forward on Readability

The Consumer Connections Working Group met Saturday morning to further discuss its insurance policy readability project. During a conference call in May, the working group voted to recommend to the NAIC that the existing model laws on policy simplification should be revised, with an eye toward beefing up readability requirements. On Saturday, members of the working group determined that their parent, the Market Regulation and Consumer Affairs (D) Committee, would need to approve that recommendation and that the relevant model laws would then need to be dealt with by the appropriate committees: Life Insurance (A) Committee; Health Insurance (B) Committee; and Property & Casualty Insurance (C) Committee. (Posted: 8/19/2010)

Only This is Clear in Accounting Deliberation: Regulators Want to Maintain Some Control

Contingencies and uncertainties in the broader accounting world left only one theme dominant among NAIC regulators discussing the fate of the current system of statutory accounting used by insurers for regulatory reporting. (Posted: 8/19/2010)

One-Year Extension Granted for Enhanced DTA Recognition; Future Still Under Study

Liberalized recognition of insurers’ deferred tax assets, an accommodation granted in the wake of tumult in the capital markets, will almost certainly prevail another year, the NAIC’s Statutory Accounting Practices Working Group has ruled. (Posted: 8/19/2010)

Consumer Disclosures Working Group Approves Model Bulletin

The Consumer Disclosures Working Group met on Sunday and approved a model bulletin to address issues related to the newly issued Federal Model Privacy Form. (Posted: 8/19/2010)

NAIC/AICPA Working Group Seeks Advice on Executive Compensation Proposal

A key NAIC committee concerned with insurers’ audit and solvency matters has sought counsel from other NAIC committees on an industry counterproposal that would moderate an original reporting proposal linking risk and executive compensation. (Posted: 8/19/2010)

Market Conduct Accreditation Development Moves Forward

The NAIC’s Market Regulation Accreditation (EX) Task Force met on Sunday to discuss the draft portions of a market regulation accreditation program that was written last fall when a predecessor working group was also charged with the project. (Posted: 8/19/2010)

Sprawling NAIC Solvency Modernization Initiative Includes Concerns Over Governance (6/15/2010)

Consumer Disclosures Working Group Reviews Draft Bulletin (6/15/2010)

NAIC Solvency Modernization Initiative Puts Statutory Accounting, All Financial Regulation Up for Review, Overhaul (6/15/2010)

Statutory Deferred Tax Asset Soap Opera in Third Year; Seattle Discussion Planned (6/15/2010)

Public Hearing to be Held on Producer Licensing Examinations (6/15/2010)

Consumer Connections Working Group Continues Work on Readability (6/15/2010)

Market Conduct Changes Move Toward Final Adoption (6/15/2010)

Market Conduct Accreditation Lives Again (6/15/2010)

Compensation Disclosure Proposal to be Discussed at NAIC/AICPA Working Group Meeting (6/15/2010)

MCAS Changes Tentatively Approved; Additional Input Sought (6/15/2010)

NAIC Working Group Meets to Discuss Compensation Disclosure Proposal; NAMIC Comments (6/15/2010)

Statutory Accounting v. International Standards Now Under Study By New NAIC Subgroup (6/15/2010)

Catastrophe Insurance Working Group to Draft White Paper on Chinese Drywall Controversy (6/15/2010)

New Blanks Item Probably Won’t Have Audit Committee Names, But Stay Tuned (6/15/2010)

Approval Given for Model Law on Regulation of Insurance Scoring Vendors (6/15/2010)

Workers’ Compensation Session Addresses California Problems (6/15/2010)

North Carolina ‘Beach Plan’ Participants Probably Won’t be Able to Claim Equity (6/15/2010)

New Task Force on Regulatory Modernization Holds Inaugural Meeting (6/15/2010)

‘Risk’ is NAIC Concern on Executive Pay; NAMIC Asserts Mutuals’ Different Status (6/15/2010)

Guaranty-Fund Assessment Projects Advance; Will Enhance Uniform Liability Accounting (6/15/2010)

Market Conduct Annual Statement Activity Resumes (6/15/2010)

Regulators Repudiate Forced Public Disclosure of Insurer ‘Climate Risk’ (6/15/2010)

Persistence (6/15/2010)

Risk Classification Data Call in the Works (6/15/2010)

SERFF Board Meets for Routine Reporting (6/15/2010)