NAIC Update: Winter 2012
In Maryland’s National Harbor the National Association of Insurance Commissioners (NAIC) entered its last national meeting for 2012 in a state of flux. This was the last meeting to be held with 2012 NAIC President, Florida Commissioner Kevin McCarty, and CEO, respected academic and former commissioner Dr. Terri Vaughan leading the way.
But leadership changes were not the only items of interest on the agenda. The NAIC joined state regulators in taking a close look at captives, angering both captives and some regulators with a draft white paper. Other heated topics included consumer groups interest in automobile insurance and the impact of coverage availability and affordability on low income and underserved communities and the adoption of the new Valuation Manual despite the objection to PBR launched by New York and supported by California.
As the new year begins, continued low interest rates and slower than desired growth may have their own impact, requiring action by insurers or regulators to compensate. But that will be for incoming NAIC President James J. Donelon of Louisiana and the next national meeting in Houston in April 2013 to contemplate.
This issue of NAIC Update features the following:
- Life PBR Valuation Manual is adopted
- Draft white paper on captives sparks disagreements
- Regulators hear suggestions for improving long term care insurance market
- Regulators review post-Superstorm Sandy practices
- Automated claims software gets a hearing
- NAIC health, actuarial and accounting updates
For more information, download the PDF.