Studies and Special Reports

 
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Journal of Insurance Regulation

The CIPR conducts in-depth research on insurance issues to provide useful information to state regulators, policyholders, consumer advocates, industry members and other state, federal and international policymakers. This page provides access to studies, special reports, and articles on a wide range of insurance regulatory topics and concerns. Occasionally, this page will include documents from non-NAIC sources posted with the author's permission. These are provided for informational use only and their inclusion does not represent NAIC endorsement of the positions and/or facts presented by them.

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Upcoming Studies

Long-term Care Insurance: Market Issues, Innovations and Regulatory Concerns.

NAIC, Center for Insurance Policy and Research

 

Demographic changes mainly driven by the ageing of the population has brought the issue of financing long-term care at the forefront. The inadequate development and utilization of both public and private insurance for long-term care has contributed to a surge of household long-term care expenditures to levels often unsustainable for large numbers of middle-class families.


Population ageing along with changes in the availability and delivery of informal care suggest that in the not so distant future there will be a much greater demand for formal long-term care that needs to be funded by social programs, private insurance, individual savings or a combination thereof. This presents an important social challenge and a serious policy dilemma for state and federal authorities as well as for the insurance industry to devise efficient programs and mechanisms for the provision of this critical and increasingly needed service.


This study traces the evolution of long-term care insurance and the current state of the market in this very dynamic environment with shifting consumer demand and varying needs. It also takes a closer look at long-term care insurance product design, pricing and suitability and presents different funding options towards meeting this generational challenge.  Moreover, the existing regulatory framework is reviewed focusing on recent initiatives to maintain its flexibility and compatibility with the evolving delivery of long-term care products in a changing marketplace.


Contributors to this upcoming CIPR study include state regulators, industry executives, market experts and academics. This study is expected to be completed and published in the first quarter of 2016.

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Captive Insurance Use and Regulatory Solutions

NAIC, Center for Insurance Policy and Research


Captive insurance companies have been in existence for over 100 years. However, over the past 30 years, there has been significant growth in the captive market. Today, there are almost 7,000 captives globally compared to roughly 1,000 in 1980. Although historically, captives were used by a variety of business to self-insure risks, their use has expanded significantly in recent years to include life insurer-owned captives used for reserve financing.


While captive regulation as applied to traditional captives made sense in the context of a commercial business self-insuring its own risks, it sparked serious concerns among regulators regarding transparency, disclosure and consistency when applied to individual policyholder risks backed by life insurers.


This study provides a review of the evolution and growth of captives and an analysis of their use by commercial companies as self-insurance as well as life insurers to manage capital and reserves. While increased regulatory scrutiny of captive arrangements added transparency and minimized risks, the use of captives, particularly by life insurers is still a critical issue among state regulators. The aim of the study is to explore the evolving use of captives, the choice of offshore and onshore domiciles, present the existing state regulatory framework, as well as the remaining issues and concerns, and solutions.  This study is expected to be completed and published in the first quarter of 2016.

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Past Studies

Usage-Based Insurance and Vehicle Telematics: Insurance Market and Regulatory Implications

NAIC, Center for Insurance Policy and Research
March 2015

CIPR Study on the State of the Life Insurance Industry: Implications of Industry Trends

NAIC, Center for Insurance Policy and Research

August 2013

Financing Home Ownership: Origins and Evolution of Mortgage Securitization, Public Policy,
Financial Innovations and Crises

NAIC, Center for Insurance Policy and Research
August 2012

Distinguished Scholar Study: Solvency II Calibration

Thomas Herzog, Ph.D., Distinguished Scholar
NAIC, Center for Insurance Policy and Research

Systemic Risk and the U.S. Insurance Sector

Mary A. Weiss, Ph.D., Distinguished Scholar

NAIC, Center for Insurance Policy and Research

The Economic Crisis and Lessons from (and for) U.S. Insurance Regulation

Therese M. Vaughan, Ph.D.
JIR Articles do not necessarily reflect the opinion of the NAIC or its Members.

Preservation of State-Based Insurance Regulation: An Ongoing Challenge in the U.S. and the European Union

Robert W. Cooper., Ph.D.
JIR Articles do not necessarily reflect the opinion of the NAIC or its Members.

The Implications of Solvency II for U.S. Insurance Regulation

Therese M. Vaughan, Ph.D.

The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation

Scott E. Harrington, Ph.D.
(Posted with permission from the National Association of Mutual Insurance Companies)

Future of Business Disciplines, Regulation and Oversight of the U.S. Insurance Marketplace

Mark Boozell

(Posted with permission from the Professional Insurance Agents Insurance Foundation)

History of State Insurance Regulation

NAIC