Mississippi: MID Shares 2020 Legislative Packet

January 16, 2020 The Mississippi Insurance Department has shared its legislative packet with NAMIC’s advocacy partner, the Insurance Coalition of Mississippi. There are four bills the... Read more

NAMIC Board Meets With Secretary Mnuchin to Discuss Covered Agreement

July 17, 2017 If you had told me on January 13 that roughly six months later the Trump would still have not signed the covered agreement with the EU and NAMIC’s Board of Directors would be... Read more

NAMIC Sends Letter to Treasury on Covered Agreement

May 22, 2017 NAMIC on May 22 again urged the Treasury Secretary Steven Mnuchin not to sign the covered agreement as is. Instead, NAMIC is recommending that a formal exchange of letters with the EU take... Read more

NAMIC Calls for Clarity or Renegotiation on U.S.- EU Covered Agreement

May 2, 2017 The U.S. insurance industry comes out on the losing end of the covered agreement negotiated by the Obama administration and the European Union, the National Association of... Read more

Senate Banking Committee to Hold Hearing on Covered Agreement

April 24, 2017 The U.S. Senate Committee on Banking, Housing and Urban Affairs will hold a hearing May 2 on the recently concluded covered agreement between the U.S. and the European Union. NAMIC has been invited to testify as a... Read more

International Relations Committee Talks Covered Agreements and More

April 19, 2017 The International Relations (G) Committee met to discuss a variety of international issues, but the most interesting part of the meeting was the discussion of the status of... Read more

House Members Send Letter Seeking Clarification on U.S.-EU Covered Agreement

April 10, 2017 Rep. Sean Duffy, R-Wis., chairman of the House Financial Services Subcommittee on Housing and Insurance, sent a letter to Treasury Secretary Steven Mnuchin on April 7 requesting a... Read more

NAIC Discussions About the Final Draft Covered Agreement at Spring Meeting

April 4, 2017 The final draft of the covered agreement was finalized by the U.S. Treasury negotiating team and the European Commission that was then submitted to Congress on Jan. 13. The agreement sits... Read more

NAMIC CEO Meets With Treasury Department on Covered Agreement

March 20, 2017 NAMIC president and CEO Chuck Chamness traveled to Washington, D.C., March 16 to meet with top Treasury officials for the new administration to discuss the recently concluded covered agreement with the European Union. In the... Read more

NAMIC Testifies Before House Subcommittee on U.S.-EU Covered Agreement

February 21, 2017 Charles Chamness, NAMIC president and CEO, testified before the House Financial Services Subcommittee on Housing and Insurance at a... Read more

NAMIC CEO Testifies on Capitol Hill about U.S.-EU Covered Agreement

February 16, 2017 In testimony today before the House Financial Services Subcommittee on Housing and Insurance, NAMIC president and CEO Charles M. Chamness said the covered agreement recently negotiated between the United States and the European Union failed... Read more

National Association of Mutual Insurance Companies CEO: Covered Agreement Not Agreeable

February 16, 2017 In testimony today before the House Financial Services Subcommittee on Housing and Insurance, NAMIC president and CEO Charles M. Chamness said the covered agreement recently negotiated between the United States and the European Union failed... Read more

NAMIC President and CEO Chuck Chamness to Testify on Covered Agreement

February 15, 2017 NAMIC president and CEO Chuck Chamness will testify before the House Financial Services Subcommittee on Housing and Insurance at 10 a.m. Feb. 16 on the draft covered agreement recently released between the United States and the... Read more

NAMIC CEO to Testify Before HFSC Subcommittee on U.S.-EU Covered Agreement

February 13, 2017 Charles Chamness, NAMIC president and CEO, will testify before the House Financial Services Subcommittee on Housing and Insurance at a Feb. 16 hearing titled "Assessing the U.S.-EU Covered Agreement." NAMIC is appreciative of the... Read more

SPECIAL REPORT: NAMIC Analysis of the 2017 Bilateral Covered Agreement

February 6, 2017 One of the final acts of the Obama administration was the Jan. 13 release of an agreement between the United States and the EU on insurance regulation. This agreement was negotiated over the last three years in closed, confidential... Read more

In the World: FASB/IASB Pledge to Continue Collaboration; International Capital Standard Development Continues; EU-U.S. Covered Agreement Reached

January 19, 2017 The Financial Accounting Standards Board and the International Accounting Standards Board met last month during the American Institutes of CPAs' conference on current Securities Exchange Commission and Public... Read more

U.S., EU Finalize Covered Agreement on Reinsurance Collateral, Group Supervision

January 17, 2017 The U.S. Treasury Department and United States Trade Representative submitted to Congress on Jan. 13 the language of the final covered agreement, with the EU addressing U.S. reinsurance collateral requirements and the... Read more

At the NAIC: Survey Concerning International Supervisors Released; ERR Guidance Manual Contemplated; Group Capital Calculation Comments Submitted; Examiners Handbook Revisions Considered

November 18, 2016 The NAIC sent out a survey to companies and regulators that is attempting to learn more about the barriers imposed by some European insurance regulators. NAMIC is aware of some countries that have communicated their... Read more

U.S., EU Representatives Announce Little Progress on Covered Agreement

November 7, 2016 Representatives from the United States and European Union released a joint statement Nov. 7 on the negotiations over a covered agreement on insurance and reinsurance measures. Under the Dodd-Frank Wall Street Reform and... Read more

NAIC Action Against European Reinsurers Contemplated

November 3, 2016 Problems between the U.S. and the European Union related to insurance regulatory differences have put (re)insurance companies attempting to do business in EU countries at a significant disadvantage in... Read more

NAMIC Testifies at One of Two Key House Hearings Last Week

September 30, 2016 The House Financial Services Subcommittee on Monetary Policy and Trade held a hearing Sept. 27 titled "The Financial Stability Board's Implications for U.S. Growth and Competitiveness." NAMIC was invited to testify as the... Read more

NAMIC Key Player in House Insurance Hearings

September 28, 2016 As NAMIC members gathered in Vancouver for the 2016 annual convention this week, Congress has remained in Washington, D.C., attempting to work out a compromise to fund the federal government past the elections on... Read more

In the Nation: Comments to Fed on ANPR Coming; Transparent Insurance Standards Act Introduced

September 14, 2016 The Federal Reserve issued in June an Advanced Notice of Proposed Rulemaking that included a group capital framework for U.S. Systemically Important Financial Institutions and... Read more

Covered Agreement Problems, International Trade Barriers

September 7, 2016 Beginning with the opening remarks at the NAIC national meeting by NAIC President John Huff and ending with the meeting of the Financial Condition (E) Committee, the 2016 summer meeting was very focused on... Read more

In the World: Second ICS Consultation Draft Coming; Other IAIS Consultations Delayed; New Application Paper on Mutuals; Brexit Impact

July 14, 2016 NAMIC attended an International Association of Insurance Supervisors Stakeholder meeting in New York last month and learned that a second consultation draft on the Insurance Capital Standard will be released on... Read more

In the Nation: Fed Proposes Capital Standards Rules; FHFA to Allow Statutory Accounting in Determining Tangible Capital; FACI Holds Open Meeting

June 9, 2016 The Federal Reserve released on June 3 its first advance notice of proposed rulemaking for insurance companies' group capital requirements. Daniel Tarullo, Federal Reserve governor, spoke to insurance regulators in May about the Fed's progress in... Read more

In the World: NAMIC Participates in Global Meetings; IAIS/FSB Consultations Expected This Summer; UK to Vote on Exiting the EU

June 9, 2016 NAMIC participated in meetings in May with Insurance Europe and the Global Federation of Insurance Associations. The focus of the Insurance Europe meeting was on the customer. There were discussions about what... Read more

Fed to Release New Capital Rules for Insurers

May 31, 2016 The Federal Reserve has reported that on June 3 it will release its first exposure of the long-awaited group capital requirement formula for insurance companies. These requirements will apply to insurers that own a... Read more

Tarullo Provides Preview of New Capital Rules for Insurers at NAIC Meeting

May 23, 2016 Federal Reserve Governor Daniel Tarullo announced May 20 that the Fed was getting close to completing work on its domestic capital standards for those insurance companies that... Read more

Bill Introduced to Guide International Insurance Negotiations

May 2, 2016 Rep. Blaine Luetkemeyer, R-Mo., introduced legislation April 29 designed to provide parameters around insurance regulatory discussions taking place in international venues such as... Read more

NAMIC Welcomes Luetkemeyer Bill Providing Needed Oversight for International Insurance Standard Efforts

April 29, 2016 Legislation introduced today by Rep. Blaine Luetkemeyer, R-Mo., provides much-needed guidance to federal agencies attempting to craft international agreements, which have the potential to... Read more

In the World: Where's the Transparency on Resolution at IAIS; IMF Reports Aggregate Life Insurance Industry Systemically Risky; Moody's Report Solvency II Ratios Not Comparable

April 22, 2016 There was a very brief update at the NAIC Receivership and Insolvency Task Force on Resolution and Recovery at the IAIS. James Kennedy of Texas, the NAIC representative on the IAIS working group, said... Read more

In the World: Where's the Transparency on Resolution at IAIS; IMF Reports Aggregate Life Insurance Industry Systemically Risky; Moody's Report Solvency II Ratios Not Comparable

April 22, 2016 There was a very brief update at the NAIC Receivership and Insolvency Task Force on Resolution and Recovery at the IAIS. James Kennedy of Texas, the NAIC representative on the IAIS working group, said that no specific information about the work can be s... Read more

Risk-Based Capital Issues

March 31, 2016 The Investment Risked-Based Capital Working Group has been working on updates to the non-affiliate investment RBC charges for some time. First, working group members conducted an analysis of the common stock market to identify changes needed to the life... Read more

In the World: IAIS Update; U.S.-EU Covered Agreement Negotiations Have Begun; Stakeholder Call With Accounting and Auditing Working Group

March 10, 2016 In February, the IAIS held a number of supervisor-only meetings. While the industry was not allowed to attend, the issues of discussion were noted in IAIS’ February newsletter. Discussion items included: 1) Revisions to the assessment methodology for Gl... Read more

FIO, USTR Publish Announcement of Covered Agreement Negotiation in Federal Register

January 25, 2016 The Department of the Treasury and the United States Trade Representative published their announcement Jan. 19 of their intention to initiate negotiations to enter into a covered agreement with the European Union. This announcement was sent to the House... Read more

In the World: NAMIC Comments on FSB Guidance on Resolution; Solvency II Effective 1-1-16; NAMIC to comment on IAIS Consultations

January 15, 2016 NAMIC submitted comments in January on the recent guidance paper issued by the Financial Stability Board providing guidance in the liquidation planning, referred to as “resolution strategies and planning,” of global systemically important insurance grou... Read more

In the World: EU/U.S. Covered Agreement Negotiations Begin; Two New Consultation Documents Released by IAIS

December 10, 2015 The U.S. Treasury Department, the U.S. Trade Representative, and the European Union have initiated negotiations of a covered agreement on two key issues – collateral requirements for foreign reinsurers in the United States and the EU’s determination of ... Read more

NAMIC Urges Recognition for U.S. Regulatory Structure, Offers Caution on Covered Agreement

November 23, 2015 NAMIC today called on European insurance regulators to recognize the strength of the U.S. state-based insurance regulatory system, as officials on both sides of the Atlantic prepare for negotiations on a covered agreement dealing with insurance regulation. Read more

FIO, USTR Announce Negotiation of Covered Agreement With EU

November 23, 2015 The Federal Insurance Office and the Office of the United States Trade Representative sent a letter to Congress Nov. 20 announcing the initiation of negotiations for a “covered agreement” between the United States and the European Union. Covered agreeme... Read more

In the World: IAIS Adopts HLA Standard; Pressure on U.S. Equivalence Mounts; U.S. Mutual Insurers Market Share at Record High

November 13, 2015 The International Association of Insurance Supervisors met in Morocco on Nov. 12 and adopted the Higher Loss Absorbency standard and made revisions to the insurance core principles. Despite numerous comments submitted on a variety of issues, little was ... Read more

In the World: Capital Requirements for GSIIs Issued; EU/U.S. Continue Talks on Covered Agreement

October 9, 2015 The International Association of Insurance Supervisors issued the first and last consultation of the higher loss absorbency (HLA) component of the capital requirements for global systemically important insurers in August. The Financial Stability Board a... Read more

NAMIC Submits Testimony on International Insurance Regulations for Senate Hearing

July 13, 2015 The Senate Banking Committee held a hearing July 8 to consider the influence of the international Financial Stability Board on regulatory decisions made in the United States. Titled “The Role of the Financial Stability Board in the U.S. Regulatory Frame... Read more

In the World: European Commission Issues First Set of Decisions on Equivalence

June 11, 2015 The European Commission just issued its first set of decisions required under Solvency II on equivalence of the solvency systems for third countries. The decisions described in this report are relevant to the first part of a three-part inquiry on equiva... Read more

RAA ‘Pre-Empts’ Reinsurance Task Force Meeting

April 7, 2015 One of the more interesting meetings during the NAIC Spring Meeting in Phoenix was the Reinsurance Task Force. The meeting started with updates on the adoption of the Credit for Reinsurance Model Act, which 26 states have enacted and two states awaiting... Read more

Risk-Based Capital Groups

March 25, 2015 The Operational Risk Working Group was created to develop a new operational risk Risk-Based Capital factor consistent with the factors used in countries around the world, most notably to be used under the Solvency II regime in the European Union. The OR... Read more

International Capital, Other Issues Are in Forefront at NAIC

December 2, 2014 International topics were discussed at several points during the Fall National Meeting. Topics included the efforts related to group capital, reduced participation for stakeholders at the IAIS, covered agreements (trade agreements) to adopt reinsurance ... Read more

Risk-Based Capital Issues

November 12, 2014 The Investment Risk-Based Capital Working Group has been working on updates to the non-affiliate investment RBC charges for some time. At the summer national meeting the IRBCWG submitted a memo to Capital Adequacy seeking approval to coordinate with the... Read more

In the World: NAMIC Comments on International Capital; IAIS Proposes to Close Meetings; EU-U.S. Dialogue Way Forward Update

September 4, 2014 NAMIC submitted comments to the International Association of Insurance Supervisors on its second consultation of a Basic Capital Requirement for Global Systemically Important Insurers. NAMIC also participated in comments made by the Global Federation of... Read more

In the World: Global Insurance Capital Standards Hearing; Solvency II Guidelines

July 10, 2014 NAMIC submitted comments and testified at the International Association of Insurance Supervisors hearing on the global Insurance Capital Standard in June. The IAIS gave 10 days for interested parties to comment on its first memo about the ICS to be appl... Read more

NAMIC Co-Sponsors U.S.-EU Symposium

April 22, 2014 The 5th U.S.-EU Insurance Symposium , scheduled for April 30 in Washington, D.C., will debate insurance regulatory issues related to Solvency II, FIO Modernization Report, the Dodd-Frank Act, and U.S.-EU group supervision. The event is organized by the ... Read more

In the World: Solvency II Adopted by Parliament; ComFrame and Capital Field Testing Underway

April 10, 2014 The European Parliament adopted on March 11 the long-awaited Solvency II Omnibus II Directive. The Solvency II enactment must be published before it is official, but implementation is now on target for Jan. 1, 2016. The statement from the European Commi... Read more

New Committees, Issues in International Insurance Relations (G) Committee

March 27, 2014 The G Committee will be receiving updates and reports regarding various international activities during the NAIC Spring National Meeting. IAIS field testing related to the consultation draft for both ComFrame and the Basic Capital requirement begins at ... Read more

The NAIC: NAMIC Comments on Risk-Based Capital Proposals

February 7, 2014 In 2014 the NAIC is requiring informational reporting of the new hurricane and earthquake catastrophe risk-based capital factors – R6 and R7. Companies are required to file the report for the 2013 reporting year on an informational basis. NAMIC submitte... Read more

NAMIC Cautions Against Federal Encroachment on State Regulation

February 4, 2014 Creating new federal insurance regulations, even in a limited capacity, will not provide a panacea for the problems of the current state-based system, the National Association of Mutual Insurance Companies said today. Testifying before the House Financi... Read more

Missouri: DIFP Holds Hearing on Proposed Amendment to Reinsurance Regulation

March 26, 2012 The Missouri Department of Insurance, Financial Institutions and Professional Registration received public testimony March 22 on the proposed amendment to the state's farm mutual reinsurance rule. In a nutshell, the rule would require all Missouri farm ... Read more

New Jersey: NAMIC Participates in Reinsurance Collateral Regulation Review Meeting

June 21, 2011 NAMIC participated in a meeting hosted by the Department of Banking and Insurance last week to review a draft credit for reinsurance regulation to implement legislation allowing alien and unauthorized reinsurers to post less than full collateral. The me... Read more

Florida: Reinsurance Collateral Waiver Rule Final Hearing Set

August 26, 2008 The final public hearing on the Florida Office of Insurance Regulation’s proposed rule to allow a reduction in the amount of collateral required of alien insurers has been scheduled for Sept. 16. The hearing will be before the Financial Services Commiss... Read more