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NAIC Updates Congress on International Insurance Supervision Issues
CEO Ben Nelson addresses global regulatory developments in the insurance marketplace |
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Ben Nelson, CEO of the NAIC, testified before Congress that the state-based system of regulation has a strong track record of meeting the challenges posed by dynamic markets in the U.S. and abroad. Nelson made his remarks before the House Financial Services Subcommittee on Housing and Insurance.
“We believe there is merit in developing a common framework for greater coordination and cooperation among supervisors globally,” testified Nelson. “However the current scope and prescriptive nature of the project at the International Association of Insurance Supervisors (IAIS) overshoots those goals, and overly complicates what is necessary for effective cross-border supervision.”
Full Story | CEO Ben Nelson's Testimony
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| Regulators Attend Post-Tornado Forum in Oklahoma |
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| Regulators from seven states attended an educational post-natural disaster forum in Oklahoma, following the tornadoes that hit the cities of Moore and El Reno in May.
“This forum is an important opportunity to share our coordinated efforts to assist consumers in the aftermath of these storms,” said John D. Doak, Oklahoma Insurance Commissioner. “Our department continues to work diligently on outreach and response efforts to those in impacted areas.”
Full Story |
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 Jim Donelon
NAIC President and
Louisiana Insurance
Commissioner
Statement from NAIC President and Louisiana Insurance Commissioner Jim Donelon on Regulation of Captives:
“State insurance regulators continue to assess and monitor the risks that captives and special purpose vehicles (SPVs) may pose to insurers. State regulators have conducted a great deal of work to examine the issues surrounding the use of captives and ways to enhance the regulatory framework and provide insurance departments standardized tools and processes for reviewing such transactions. The NAIC has a number of groups focused on examining complex issues including transparency and disclosure, accounting treatment and confidentiality. A top priority of the NAIC is ongoing implementation of principle-based reserving (PBR), which seeks to address, among other things, the perceived reserving redundancies that have precipitated the use of captives for reserving purposes. Ongoing work on PBR will also specifically examine the solvency, surplus, and risk based capital impact caused by the use of captives and SPVs.” |
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| NAIC CEO Ben Nelson delivered the keynote address at the Heartland Insurance Symposium on June 12 in Kansas City. Nelson provided an overview of the current financial services landscape and highlighted the NAIC's engagements in the federal and international arenas. He also addressed ongoing efforts to improve the regulatory framework for policyholders, such as Principles-Based Reserving, Risk Management and the Own Risk and Solvency Assessment (ORSA) Model Act, and the disaster response following the recent Oklahoma tornadoes. The Symposium featured a diverse slate of speakers focusing on current insurance industry issues and developments from local, national and global perspectives. Several regulators from the Midwest attended the symposium. |
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 Scott Kipper
Nevada Insurance Commissioner
 Adam Hamm
NAIC President-Elect
and North Dakota
Insurance
Commissioner
State Insurance Regulators Work on Long-Term Care Insurance
NAIC meeting addresses insurance rate increases for seniors
The NAIC concluded an Interim Meeting on long-term care insurance regulatory developments. The work session, held in Reston, VA, was hosted by the Senior Issues Task Force of the Health Insurance and Managed Care Committee.
“State insurance regulators have been working to address the complicated pricing issues surrounding long-term care insurance as both life expectancy and long-term care costs go up,” said Scott Kipper, Nevada Insurance Commissioner, who chaired the meeting.
Full Story | Senior Issues (B) Task Force |
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NAIC Releases 2012 Insurance Department Resources
Report - Volume One |
Includes Key Statistics on State Insurance Department Resources and Regulatory Activities
The NAIC released the first volume of the 26th edition of the Insurance Department Resources Report (IDRR), which outlines the resources utilized by state insurance departments to monitor marketplace solvency and protect consumers. As well as being a key assessment tool for state insurance departments, the IDRR is a helpful reference for state legislators, financial regulators and public policymakers.
Full Story | NAIC Store |
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