Insurance Holding Company Models Reviewed by NAIC’s Group Solvency Issues Working Group
May 24, 2010
The Group Solvency Issues Working Group (“GSIWG”) of the National Association of Insurance Commissioners’ (“NAIC”) Solvency Modernization Initiatives Task Force met on May 21, 2010 to finalize drafts of revisions to the Insurance Holding Company System Regulatory Act (#440) and Insurance Holding Company System Regulatory Model Regulation with Reporting Forms and Instructions (#450). The NAIC’s Financial Condition Committee will review both drafts on June 4, 2010.
Attached are additional meeting materials that include a State of Pennsylvania proposal to modify the NAIC’s Acquisition Model Law to include a requirement that any controlling party of a domestic insurer seeking to divest its controlling interest must give advance notice to the regulator and the regulator can set a procedure for review/approval.
To view a proposed list of Holding Company Best Practices, click here.
Comments Needed by August 13 on NAIC Financial Regulation Standards and Accreditation Program Review Team Guideline
Because the NAIC Financial Regulation Standards and Accreditation Program’s current language requires holding company filings to be reviewed, but does not express the extent of the expectations on the degree of analysis taken with such documents (e.g. Form B), comments on a proposed requirement to incorporate a holding company analysis Review Team Guideline are needed by August 13, 2010. To view the document, click on the following hyperlink:
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