The NAIC adopted revisions to the Model Holding Company Act and Regulations in 2010. These revisions have become accreditation standards at the NAIC and have been adopted in every state. The revisions were made in response to the AIG bailout after the financial collapse of 2008 to improve group supervision of insurers, including supervision of non-regulated subsidiaries and affiliates. These changes give insurance regulators power to require filings and to examine the non-insurance entities in a holding company to assess the possibility of solvencies that might lead to systemic risk. There are several changes to the former model included in these revisions, but the most significant changes include:
In 2014 additional changes were made to the HCA including a new section on the designation and authority of a group-wide supervisor for internationally active insurance holding companies. States continue to consider the adoption of this language.
NAMIC does not oppose the 2010 model act/regulation as long as states include an exemption from the enterprise risk filing for small companies; consistent effective dates for enterprise risk report Form F filings; and language to ensure that the confidentiality of enterprise risk and proprietary information.
NAMIC does not oppose the 2014 changes to the model act, including provisions for a group-wide supervisor as long as the state enactment adheres to the model language.
July 21, 2020 The Office of the Superintendent of Insurance has proposed two sets of rules to implement changes to National Association of Insurance Commissioners’ model acts. The first set of rules would revise New Mexico’s current rules implementing... Read more
June 18, 2020 The Group Capital Calculation Working Group exposed for comment amendments to the NAIC Insurance Holding Company System Regulatory Act (#440) for the purpose of starting the implementation process for the GCC, a tool being developed for... Read more
August 29, 2019 In 2019, 18 states have adopted the NAIC Corporate Governance Annual Disclosure Model Act, bringing the total to 44 states that have adopted this model. Since NAMIC’s last report, Alaska, Missouri, and North Carolina adopted legislation that requires... Read more
June 26, 2019 In June, six states – Colorado, Georgia, Hawaii, Minnesota, Oklahoma, and Texas – adopted the NAIC Corporate Governance Annual Disclosure Model Act, and two other states – Alaska and... Read more
June 26, 2019 The Treasury Department and the Internal Revenue Service on June 13 unveiled the much-anticipated final regulations related to the modification of discounting rules for insurance... Read more