NAIC is the National Association of Insurance Commissioners – a membership-based organization. It also has become a “regulator” of the insurance industry with ambition for expanding that role – as noted in the comments in the article that follows.
Final details remain to be put in place, but the nation’s insurance regulators, after nearly a decade of study, have adopted a “conceptual framework” to modify the 100 percent collateral requirements for foreign reinsurers.
After the action by the National Association of Insurance Commissioners, at its winter meeting here, one insurers’ trade group vowed to fight against implementation at state and federal levels.
“This proposal sets forth a conceptual framework only,” said a statement from New Jersey Banking and Insurance Commissioner Steven M. Goldman, chair of the NAIC Reinsurance Task Force, which drafted the proposal.
“Now, we must focus on developing the specifics of this new regulatory regime and taking the appropriate legislative steps to make the proposal a reality,” he said. Continue reading “Does NAIC have authority to revise reinsurance collateral requirements?”
