Comment Period on NAIC Reinsurance Collateral Qualified Jurisdiction Process Open Until May 10, 2013
Apr 11, 2013
The National Association of Insurance Commissioners (“NAIC”) revised Credit for Reinsurance Model Law and Regulation require an assuming insurer to be licensed and domiciled in a Qualified Jurisdiction in order to be eligible for certification by a state as a certified reinsurer for reinsurance collateral reduction purposes.
During the NAIC’s recently concluded 2013 Spring National Meeting, the Reinsurance Task Force agreed to submit an updated draft of the Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions (“Process”) for a 30-day public comment period. The purpose of the Process is to provide a documented evaluation process for creating and maintaining this list.
Hyperlinks to the “clean” and “relined” version of the Process draft are provided below.
In 2012, the Reinsurance Task Force was charged with developing an NAIC process to evaluate the reinsurance supervisory systems of non-U.S. jurisdictions, for the purpose of developing and maintaining a list of jurisdictions recommended for recognition by states as Qualified Jurisdictions.
Comments on the redlined Process draft should be submitted to Ryan Couch (rcouch@naic.org), with a copy to Daniel Schelp (dschelp@naic.org) by the close of business Friday, May 10, 2013.
A conference call is planned after the conclusion of the comment period in order to review the submitted feedback and continue discussion.
Should you have any questions or comments, please contact Colodny Fass& Webb.
Click here to follow Colodny Fass& Webb on Twitter (@CFTLAWcom)
To unsubscribe from this newsletter, please send an email to Brooke Ellis at bellis@cftlaw.com.