• New NAIC Reinsurance Certification Requirements
  • October 12, 2005
  • Law Firm: Chadbourne & Parke LLP - New York Office
  • Although the requirements of FASB 113 and SSAP 62 (related to GAAP and statutory reinsurance accounting and risk transfer) have been in effect since 1994, contracts that may or may not transfer sufficient risk to qualify for reinsurance accounting became front page news in 2005. Insurers and reinsurers are living in a new world when it comes to regulatory attention directed at "risk transfer" and, especially, "finite risk" business.