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You are here: Home / Archives for Industry Background

Industry Background

JULY 2011 NAIC REINSURANCE TASK FORCE MEETING UPDATE

August 17, 2011 by Carlton Fields

On July 11, 2011, the NAIC Reinsurance Task Force held an interim meeting in New York City. The meeting addressed issues raised by comments to the task force’s two exposure drafts of the Credit for Reinsurance Model Law and Credit for Reinsurance Model Regulation, which were initially posted in February 2011. The Task Force discussed whether mandatory contract clauses should be included in the models; what requirements an assuming insurer must meet in order to be approved as a certified reinsurer; what specific information certified reinsurers should be required to file; issues regarding multiple beneficiary trusts; issues relating to reporting requirements for ceding insurers; proposed changes to the ratings/collateral matrix; issues regarding the revocation of certification; issues regarding restrictions to limit so-called “concentration risk;” special issues concerning life reinsurance contracts; clarification with respect to the application process; and whether the model language should be clarified to refer to “substantially similar financial solvency regulation” as opposed to “substantially similar credit for reinsurance standards.”

The Task Force posted two revised exposure drafts on its website on July 26, 2011 (see links above), which are open for comment through the close of business on August 24, 2011.

This post written by John Pitblado.

Filed Under: Industry Background, Reinsurance Meetings, Reinsurance Regulation

SPECIAL FOCUS: MULTI-STATE SURPLUS LINES RISKS: WILL THERE BE MEANINGFUL TAX-SHARING AMONG THE STATES?

August 1, 2011 by Carlton Fields

The Nonadmitted and Reinsurance Reform Act, a piece of the Dodd-Frank Wall Street Reform and Consumer Protection Act, contemplates tax sharing agreements among the states to facilitate the equitable distribution of surplus lines premium tax revenues. In this Special Focus article, Karen Benson discusses how those agreements have largely failed to manifest.

This post written by Karen Benson.

Filed Under: Industry Background, Reinsurance Regulation, Special Focus, Week's Best Posts

ILLINOIS INSURANCE DIRECTOR NAMED HEAD OF NEW FEDERAL INSURANCE OFFICE

March 28, 2011 by Carlton Fields

Michael McRaith, Director of the Illinois Division of Insurance, has been named by Treasury Secretary Geithner to be the initial Director of the new Federal Insurance Office, which was created last year by the Dodd-Frank Act. Director McRaith spent 15 years in private practice in Chicago prior to being appointed as Director of the Illinois Division of Insurance in 2005. Among his clients while in private practice were financial institutions, including insurance companies. He has been active in the NAIC, presently serving as secretary-treasurer. He has served as chair and vice-chair of the NAIC’s Property and Casualty Insurance (C) Committee. Director McRaith will serve as a non-voting member of the Financial Stability Oversight Council. Significantly for our readers, both Director McRaith and Missouri Insurance Director John Huff (a non-voting member of the FSOC appointed by the NAIC) have been members of the NAIC’s Reinsurance Task Force. The “insurance expert” voting member of the FSOC remains to be appointed by President Obama.

This post written by Rollie Goss.

Filed Under: Industry Background, Reinsurance Regulation, Week's Best Posts

JAPAN CATASTROPHE REINSURANCE IMPLICATIONS

March 16, 2011 by Carlton Fields

While the human toll of the still unfolding catastrophe in Japan rightfully is on the minds of many, there undoubtedly also will be an insurance toll as a result of this disaster. Those who have a professional interest in these events may find the Bermuda-based ARTEMIS alternative risk transfer/cat bond blog to be of interest. ARTEMIS has been posting daily updates on the potential insurance impact of this disaster.

This post written by Rollie Goss.

Filed Under: Industry Background, Week's Best Posts

BROKER CREATING PRIVATE ANTI-PIRACY NAVY

March 1, 2011 by Carlton Fields

An interesting story appeared in the press recently about London broker JLT developing the Convoy Escort Program, what amounts to a private navy that will provide armed escort services to subscribing vessels through pirate waters off the African coast. Although details have not been made public, it appears that shipping companies who have insurance for piracy-related losses are being asked to fund a non-profit corporation that will hire ex-military personnel to provide escorts to several vessels in small convoys. It is thought that if the cost of such services is less than the amounts being paid in ransom that it would be an economically viable option, and will permit the professional military vessels to patrol further from the coast, where pirate activity has been increasing.

This post written by Rollie Goss.

Filed Under: Industry Background, Week's Best Posts

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