Balmy breezes and palm trees swaying at the fall meeting of the National Association of Insurance Commissioners (NAIC) did not serve to dissuade controversy from taking place within the meeting halls.
With big-ticket items such as the globalization of insurance regulation, drafting standards and regulations as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the Patient Protection and Affordable Care Act to contend with, regulators and interested parties within the insurance industry and NAIC-funded consumer advocates had nary a time to catch their collective breath.
One top-of-mind topic at the meeting included discussion on the fate of the sitting insurance commissioners. And, indeed, not many days after the meeting ended, fears of an historic turnover of state insurance commissioners were confirmed as the results of the midterm elections pointed to massive changing of the guards come 2011, particularly in states where the governor selects the insurance commissioner.
Other issues on tap at the meeting included the fate of Stranger Originated Annuities transactions, the development of recommended smart steps for insurers in relation to retained asset accounts, the development of a tax collection system for surplus lines insurance, the advancement of the medical loss ratio topic connected to federal health care reform, and modernizing the NAIC's risk-based capital formula.
The latest edition of Deloitte's NAIC Update provides highlights from the meeting, including:
- Regulators Advance Enhanced Oversight of Retained Asset Accounts
- New NAIC Officers Selected Amid Midterm Election Uncertainty
- Health Insurance Update
- Actuarial Update
- Accounting Update
Download the NAIC Update report below.