NAIC Update: Spring 2013
Houston, the most populous city in Texas, played host to what turned out to be a relatively quiet national meeting of the National Association of Insurance Commissioners (NAIC) this spring.
The NAIC transitioned smoothly to the leadership of new President, Louisiana Insurance Commissioner Jim Donelon, and new CEO, former Senator Ben Nelson. Commissioner Donelon was the public face of the NAIC, and with Sen. Nelson at his side, he welcomed regulators and other attendees to the NAIC’s opening session, noting the increasing involvement of the federal government in the work done through the NAIC.
While the impact of the last decade’s fiscal crisis was still felt, this seemed a more subdued, less frenetic meeting then many recently. Detailed discussions of Corporate Governance took the spotlight at the meeting although other topics still were highlighted. In a major step forward, the Corporate Governance Working Group finalized and adopted its report on corporate governance practices in the United States, The PBR Implementation Task Force focused on the next steps toward implementing principle-based reserving (PBR) for life insurance companies.
Among changes at the meeting were the adoption of the revised ORSA Guidance Manual and movement toward ending the use of the Mortgage Experience Adjustment Factor (MEAF).
This issue of NAIC Update features the following:
- Corporate governance takes the spotlight
- ComFrame still raises hackles
- Regulators told to use predictive analytics
- Contingent Deferred Annuities find their place
- Life Principle-Based Reserving implementation process begins
- NAIC health, actuarial and accounting updates
For more information, download the PDF.