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The NAIC has released a request for proposal (RFP) to hire an actuarial consultant to review current actuarial report requirements and assist in a project to enhance and streamline this process. The principal outcome of the engagement is the design and testing of a proposed data capture actuarial report for consideration by the NAIC Life Actuarial Task Force (LATF). Additional information about this project is contained in the RFP’s scope of work. Responses to the RFP are due to the NAIC on or before August 29, 2014, with vendor selection to be made in September 2014.

Click HERE to view the RFP

U.S. and EU Regulators Update ‘Way Forward’ Plan
Adam Hamm, 
NAIC President and North Dakota Insurance Commissioner
Adam Hamm
NAIC President and North Dakota Insurance Commissioner
A common understanding of our respective regulatory systems is core to international cooperation, and is in the best interest of both the U.S. and European insurance markets. Our continued engagement in the EU-U.S. Insurance Project is reflected in a constructive Way Forward plan, which was updated recently to reflect new developments and affirms our collective commitment to increased policyholder protections and effective communication on regulatory issues of mutual concern.

Read the Statement | EU-U.S. Insurance Project Update

NAIC Releases 2013 Insurance Department Resources Report - Volume Two
The NAIC released the second volume of the 27th edition of the Insurance Department Resources Report (IDRR) to help state insurance departments assess their resources in comparison to other states. The report details how state insurance departments manage available resources to effectively regulate an increasingly complex and competitive industry.

Read the Full Release | Order from the NAIC Store

NAIC Leadership Forum Panel
Chief state insurance regulators and senior staff are attending the 2014 Regulatory Leadership Forum at the NAIC Central Office in Kansas City this week. A leadership panel (pictured above left-right) entitled “Forecasting the Future Regulatory Landscape” included NAIC President and North Dakota Insurance Commissioner Adam Hamm, Kansas Insurance Commissioner Sandy Praeger, NAIC Vice President and Pennsylvania Insurance Commissioner Michael F. Consedine, Missouri Insurance Director John M. Huff, Wyoming Insurance Commissioner Tom Hirsig, and NAIC CEO Senator Ben Nelson.
NAIC Releases RFP to Retain Consultant for Governance Review
The NAIC has released a request for proposal (RFP) for a consultant to assist in a comprehensive review of NAIC governance. The scope of work included in the RFP contemplates a broad review of the NAIC’s organizational structure, committee process and external engagement. The Executive Committee expects to select the consultant for this engagement in mid-September with work commencing shortly thereafter. It is anticipated the consultant will present their initial report to the Executive Committee in November 2014.

View the RFP | Read the Release

Statement from NAIC President Adam Hamm on TRIA Reauthorization
We commend the U.S. Senate’s action today to approve legislation to reauthorize the terrorism risk insurance program for seven years. With TRIA’s expiration looming at the end of this year, it remains a critical priority that Congress move promptly to ensure a sustained and stable marketplace for terrorism insurance. We are also pleased to see the inclusion of the National Association of Registered Agents and Brokers Reform Act (NARAB II) as an amendment to the TRIA bill.

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