NCOIL Summer Meeting Preview: July 10-13

Jun 30, 2008

The National Conference of Insurance Legislators (“NCOIL”) will hold its Summer Meeting from July 10-13, 2008 in New York City. 

The following NCOIL Committees are scheduled to meet:

  • Subcommittee on Natural Disaster Insurance Legislation
  • Financial Services and Investment Products Committee
  • Workers’ Compensation Insurance Committee
  • Life Insurance and Financial Planning Committee
  • Insurance Legislators Foundation Board
  • Industry Education Counsel Board

Of note:  Several amendments sponsored by Florida Senator Steven Geller will be considered by the Subcommittee on Natural Disaster Insurance Legislation in its review of  A Resolution Regarding a New Approach to State Catastrophe Funds and Federal Mega-Disaster Assistance.  As initially drafted, the resolution would support a system in which optional state/regional catastrophe funds could serve as pass-through mechanisms for distribution of interest-free federal loans—payable over the course of 20 years—following qualified natural disasters.

To view the tentative meeting schedule, click here.

Supplemental meeting agenda highlights are attached for your review.  Items include: 

  • The Executive Committee will consider current proposals regarding reinsurance collateral requirements, including a National Association of Insurance Commissioners (“NAIC”) Reinsurance (E) Task Force (“Task Force”) regulatory modernization framework, in light of a proposed Approved List of Reinsurers Model Act that has been before the Committee since 2002.  The approved list—which has served as a placeholder for the Committee as it received reports from NAIC leadership regarding the progress of its Task Force on Reinsurance—would provide for reduced collateral requirements for non-U.S. reinsurers meeting certain financial solvency criteria. 
  • During the Insurance Legislators Foundation (“ILF”) Board meeting, the select Study on State Authority Subcommittee, comprised of NCOIL officers and past presidents, will discuss efforts to implement recommendations contained in an ILF Study on State Authority.  The Subcommittee also will discuss a second report  examining state statutes to determine delegation of insurance authority.  Note:  NCOIL President Representative Brian Kennedy (RI)—following Executive Committee adoption of the study recommendations at the 2007 Annual Meeting—formed the Subcommittee and charged it with considering implementation.  The ILF also will consider a related resolution regarding NCOIL resources to enhance state insurance regulation.
  • The Subcommittee on Natural Disaster Insurance Legislation will consider a Resolution Regarding a New Approach to State Catastrophe Funds and Federal Mega-Disaster Assistance, as well as several amendments sponsored by State Senator Steven Geller (FL).  As initially drafted, the resolution would support a system in which optional state/regional catastrophe funds could serve as pass-through mechanisms for distribution of interest-free federal loans—payable over the course of 20 years—following qualified natural disasters.

A member of this Firm will attend the NCOIL Spring Meeting and provide a report on the proceedings.

 

Should you have any questions or comments, please do not hesitate to contact Colodny Fass.

 

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