• National Association of Insurance Commissioners (NAIC) Reinsurance Task Force to Consider Draft Process of Evaluating, Maintaining List of Qualified Reinsurer Jurisdictions
  • December 3, 2012
  • Law Firm: Colodny Fass Talenfeld Karlinsky Abate Webb P.A. - Fort Lauderdale Office
  • The National Association of Insurance Commissioners' ("NAIC") Reinsurance Task Force is scheduled to meet on Saturday, December 1 as part of the NAIC's 2012 Fall National Meeting.

    As part of its agenda, the Task Force will consider a draft process to evaluate the reinsurance supervisory systems of non-U.S. jurisdictions for the purposes of developing and maintaining a list that includes any such jurisdiction that is recommended by the NAIC for recognition by the states as a qualified jurisdiction in accordance with the revised NAIC Credit for Reinsurance Model Law and Reguation (Model #785 and Model #786), under which an assuming insurer licensed and domiciled in a qualified jurisdiction is eligible to be considered for certification by a state as a certified reinsurer.

    The meeting will also include status reports on implementation of the revised Credit for Reinsurance Models.

    Task Force members are expected to take up the following referrals from other NAIC groups:

    • A referral from Statutory Accounting Principles Working Group Regarding Reinsurance transactions Involving Death, Disability or Retirement Reserves
    • A referral from Financial Analysis Working Group Regarding Risk Transfer/Quota-Share reinsurance Contracts
    • A referral from Financial Condition Committee Regarding Collection of Undisputed reinsurance Recoverable Balances Held by Ceding Insurers in Receivership

    Finally, a representative from the International Association of Insurance Supervisors will give a presentation on "Research on the Economic Impact of Natural Catastrophes and the Role of Reinsurance."