NAIC Fall 2009 National Meeting Summary
Oct 12, 2009
The National Association of Insurance Commissioners (“NAIC”) held its Fall 2009 National Meeting from September 21-24, 2009, in Washington, D.C. The available meeting summaries, minutes and materials may be accessed via hyperlinks in the table below. Press releases and additional information are listed below that.
Committee highlights included:
Executive Committee
The NAIC Executive Committee met on September 22, 2009, during which it:
- Adopted model law development requests for:
- Amendments to Long-Term Care Insurance Model Act (#640)
- Amendments to Insurance Holding Company System Regulatory Act (#440)
- Amendments to Insurance Holding Company System Model Regulation with Reporting Forms and Instructions (#450)
- Approved the formation of a Broker Compensation Task Force and a Long-Term Care Task Force, both of which will report directly to the Executive Committee
Life Insurance and Annuities Committee
The Life Insurance and Annuities Committee met on September 22, 2009.
- Three buyer’s guides will be distributed for comment:
- Fixed Indexed Annuities Guide
- Fixed Deferred Annuities Guide
- Variable Annuities Guide
- The American Academy of Actuaries’ revised draft of the American Council of Life Insurers’ proposed draft of “Annuity Illustration Guidelines” will be distributed for comment within the next 45 days. A November conference call is planned to discuss the resulting new draft.
- A one-year extension to complete revisions to the Suitability in Annuity Transactions Model Regulation (#275) has been granted.
- Amendments were adopted to Actuarial Guideline XXXIII, which is entitled “Determining CARVM Reserves for Annuity Contracts with Elective Benefits.”
Property and Casualty Insurance Committee
The Property and Casualty Insurance Committee met on September 23, 2009.
- A presentation was given on an “Enhanced Homeowner Insurance Policy” by Nationwide Insurance. The recommendation attempts to include wind and flood perils in an all-inclusive homeowners’ policy, a product which is expected to eliminate policyholder uncertainty. After Hurricane Katrina, there were many problems ascertaining whether a home had been destroyed by wind or flood and whether the policyholder’s coverage applied. In the proposed all-inclusive policies, the federal government would help reinsure the policies written.
- It was reported that the ongoing catastrophe model feasibility study ultimately will include the practicability of building a national hurricane model and a national earthquake model. The model would be of commercial grade, and would be comparable to vendor models. Insurers would be able to access the model and run analyses on a secure, Web-based system.
- While the Pilot States Study Group did not make a formal recommendation for action, its report included sections regarding:
- the need, regulator use and benefits of a national catastrophe model;
- potential ways a model could be housed;
- issues related to data collection and confidentiality;
- a description of how a model might be built, including timeline, inputs, outputs and costs;
- regulatory and political issues; and
- alternatives to building a model.
- While the Pilot States Study Group did not make a formal recommendation for action, its report included sections regarding:
MEETING SUMMARIES AND MATERIALS
| Committees, Task Forces and Working Groups | Meeting Summary | Meeting Minutes | Meeting Materials |
| Executive Committee | Summary | Materials | |
| AIG Managing Task Force | Did Not Meet | ||
| AIG Special Working Group | Did Not Meet | ||
| AIG Life Working Group | Did Not Meet | ||
| Form A Subgroup | Did Not Meet | ||
| Military Sales Working Group | Did Not Meet | ||
| SVO Initiatives Working Group | Did Not Meet | ||
| Broker Compensation Task Force | Summary | Minutes | |
| Climate Change and Global Warming Task Force | Summary | Minutes | Materials |
| Government Relations Leadership Council | Summary | ||
| International Insurance Relations Leadership Group | Did Not Meet | ||
| Producer Licensing Task Force | Summary | Minutes | Materials |
| NARAB Working Group | Did Not Meet | ||
| Producer Licensing Working Group | Summary | Materials | |
| Solvency Modernization Initiatives Task Force | Summary | Minutes | Materials |
| Group Solvency Issues Working Group | Summary | ||
| International Accounting Standards Working Group | Summary | ||
| International Solvency Working Group | Summary | Materials | |
| Principles-Based Reserving Working Group | Summary | Materials | |
| Corporate Governance Subgroup | Did Not Meet | ||
| Speed to Market Task Force | Summary | Minutes | Materials |
| National Standards Working Group | Did Not Meet | ||
| Operational Efficiencies Working Group | Summary | ||
| Product Requirements Locator Subgroup | Did Not Meet | ||
| Personal Lines Framework Working Group | Did Not Meet | ||
| Product Filing Review Handbook Subgroup | Summary | ||
| Internal Administration Subcommittee | Summary | Minutes | |
| Information Systems Task Force | Summary | Minutes | Materials |
| Life Insurance and Annuities Committee | Summary | Minutes | Materials |
| Annuity Disclosure Working Group | Summary | Materials | |
| Indexed Annuities Working Group | Did Not Meet | ||
| Suitability of Annuity Sales Working Group | Summary | Materials | |
| Health Insurance and Managed Care Committee | Summary | Minutes | Materials |
| Regulatory Framework Task Force | Summary | Materials | |
| ERISA Subgroup | Summary | ||
| Senior Issues Task Force | Summary | Minutes | Materials |
| Property and Casulaty Insurance Committee | Summary | Minutes | Materials |
| Advisory Organization and Examination Oversight Working Group | Summary | ||
| Catastrophe Insurance Working Group | Summary | ||
| Catastrophe Reserve Working Group | Summary | ||
| Consumer Guides Working Group | Summary | ||
| Crop Insurance Working Group | Summary | Materials | |
| Earthquake Study Group | Summary | Materials | |
| Terrorism Insurance Implementation Working Group | Did Not Meet | ||
| Title Insurance Issues Working Group | Summary | Materials | |
| Casualty Actuarial and Statistical Task Force | Summary | Minutes | Materials |
| Profitability Working Group | Summary | ||
| Statistical Subgroup | Summary | ||
| Surplus Lines Task Force | Summary | Minutes | Materials |
| IID Plan of Operation Review Group | Did Not Meet | ||
| Multi-State Surplus Lines Premium Tax Working Group | Did Not Meet | ||
| Surplus Lines Financial Analysis Working Group | Did Not Meet | ||
| Workers’ Compensation Task Force | Summary | Minutes | Materials |
| Large Deductible Study Implementation Working Group | Summary | ||
| NAIC/IAIABC Joint Working Group | Summary | ||
| Professional Employer Organizations Model Law Working Group | Summary | Materials | |
| Market Regulation and Consumer Affairs Committee | Summary | Minutes | Materials |
| Consumer Connections Working Group | Summary | Materials | |
| Market Analysis Procedures Working Group | Summary | ||
| Market Conduct Examination Standards Working Group | Summary | ||
| Special Accreditation Working Group | Summary | Matierals | |
| Antifraud Task Force | Summary | Minutes | Materials |
| Joint Property/Casualty Insurance and Market Regulation and Consumer Affairs Committee Meeting on Credit-Based Insurance Scores |
Summary | Materials | |
| Joint Health Insurance and Managed Care and Market Regulation and Consumer Affairs Committee Meeting on UCR Practices |
Summary | Materials | |
| Financial Condition Committee | Summary | Minutes | Materials |
| Capital and Surplus Relief Working Group | Did Not Meet | ||
| Credit Default Swap Working Group | Did Not Meet | ||
| Financial Analysis Working Group | Did Not Meet | ||
| Financial Guaranty Insurance Guideline Working Group | Did Not Meet | ||
| Investments of Insurers Model Act Revisions Working Group | Did Not Meet | ||
| NAIC/AICPA Working Group | Summary | Materials | |
| National Treatment and Coordination Working Group | Summary | ||
| Issues Subgroup | Did Not Meet | ||
| Rating Agency Working Group | Summary | Materials | |
| Restructuring Mechanisms for Troubles Companies Subgroup | Summary | ||
| Accounting Practices and Procedures Task Force | Summary | Minutes | Materials |
| Blanks Working Group | Summary | Materials | |
| Premium Survey Subgroup | Did Not Meet | ||
| Property and Casualty Lines of Business Subgroup | Did Not Meet | ||
| Emerging Accounting Issues Working Group | Summary | Materials | |
| Property and Casualty Reinsurance Study Group | Did Not Meet | ||
| Statutory Accounting Principles Working Group | Summary | Materials | |
| Capital Adequacy Task Force | Summary | Minutes | Materials |
| Health Risk-Based Capital Working Group | Did Not Meet | ||
| Life Risk-Based Capital Working Group | Summary | Materials | |
| Property and Casualty Risk-Based Capital Working Group | Did Not Meet | ||
| Examination Oversight Task Force | Summary | Minutes | Materials |
| Analyst Team System Oversight Working Group | Did Not Meet | ||
| Financial Analysis Handbook Working Group | Did Not Meet | ||
| Financial Analysis Research and Development Working Group | Did Not Meet | ||
| Financial Examiners Coordination Working Group | Did Not Meet | ||
| Financial Examiners Handbook Technical Group | Did Not Meet | ||
| Risk Assessment Implementation Working Group | Did Not Meet | ||
| RRG Subgroup | Did Not Meet | ||
| IT Examination Working Group | Did Not Meet | ||
| Receivership and Insolvency Task Force | Summary | Minutes | Materials |
| Receivership Technology and Administration Working Group | Did Not Meet | ||
| Reinsurance Task Force | Summary | Minutes | Materials |
| Risk Retention Group Task Force | Summary | Minutes | |
| Valuation of Securities Task Force | Summary | Minutes | Materials |
| Invested Asset Working Group | Did Not Meet | ||
| Financial Standards and Accreditation Committee | Did Not Meet | ||
| International Insurance Relations Committee | Summary | Minutes | Materials |
| International Regulatory Cooperation Working Group | Did Not Meet | ||
| NAFTA Working Group | Did Not Meet | ||
| Life and Health Actuarial Task Force | Summary | Minutes | Materials |
| Accident and Health Working Group | Summary | ||
| NAIC/Consumer Liaison Committee | Summary | Minutes | Materials |
| NAIC/Industry Liaison Committee | Summary | Minutes | Materials |
| NAIC/State Government Liaison Committee | |||
| Consumer Board of Trustees | None Available | ||
| SERFF Board of Directors | Summary | Minutes | Materials |
Additional information:
SUMMARY REPORTS
- Joint Executive Committee/Plenary Summary Report
- Executive Committee Task Force and Working Group Summary Report
- Model Law Development Efforts
- Model Law Implementation Efforts
NATIONAL MEETING DAILY NEWSLETTER
NEWS RELEASES
- 2010 Budget Begins Approval Process
- NAIC Proposes Reinsurance Regulatory Modernization Act of 2009
- NAIC Adopts Standard Valuation Model Legislation
- Vice President Joe Biden Address NAIC on Health Care Reform
- SBS and OPTins Add Two More States
- Insurance Compact Holds Fourth Annual Meeting
- UPDATED – Media Availability: Insurance Regulators Discuss Credit Rating System
- Media Availability: Insurance Regulators Discuss Health Care Reform
- NAIC Welcomes State Legislators
- Vice President Joe Biden to Address NAIC
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