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.