News Release: New Jersey Department of Banking and Insurance Commissioner Tom Considine Named NAIC Reinsurance Task Force Chairman, Vice Chair Life Insurance and Annuities Committee
Feb 8, 2011
The following news release was issued by the New Jersey Department of Banking and Insurance on February 8, 2011:
Commissioner Considine Named NAIC Reinsurance Task Force Chairman, and Vice Chair Life Insurance and Annuities Committee
New Jersey Department of Banking and Insurance Commissioner Tom Considine was named Chairman of the Reinsurance Task Force and Vice Chair of the Life Insurance and Annuities Committee for the National Association of Insurance Commissioners (NAIC) 2011 term. Previously in 2010, Commissioner Considine was elected to the Executive Committee of the NAIC as well as the Vice Chairman of the NAIC’s Northeast Zone by his peers in the Northeast Zone.
The Reinsurance Task Force monitors and coordinates reinsurance activities at the NAIC and provides a forum for consideration of reinsurance related issues on both a national and international basis.
The Life and Annuities Committee reviews life insurance products and annuities and sets the priorities for the Life and Health Actuarial Task Force.
“I look forward to my new leadership positions and to working with my NAIC colleagues to ensure the strength of the insurance industry while protecting consumers,” Commissioner Considine said. “Regarding the Reinsurance Task Force, this Chairmanship will provide ample opportunities to promote Governor Christie’s economic growth agenda through the expansion of existing economic investments as well as new investments in reinsurance related entities.”
The Reinsurance Task Force is committed to continued reinsurance regulatory modernization efforts. This will be accomplished by providing guidance on key elements to be considered for the NAIC accreditation program consistent with the Reinsurance Regulatory Modernization Framework adopted by the NAIC.
Commissioner Considine’s chairmanship of the Reinsurance Task Force will be key to creating a business-friendly model other states can follow.
Additionally the Reinsurance Task Force will consider the impact of reinsurance related federal legislation and will monitor the development of international issues related to reinsurance, and consider amendments to the NAIC Model Credit for Reinsurance Regulation and Law to incorporate key elements of the framework. The Reinsurance Task Force remains committed to contributing to the maintenance and improvement of the state based system of insurance regulation.
The NAIC, formed in 1871, is an organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace.