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You are here: Home / Archives for Reinsurance Transactions / Accounting for Reinsurance

Accounting for Reinsurance

American Academy of Actuaries issues risk transfer testing practice note

February 5, 2007 by Carlton Fields

The American Academy of Actuaries' Committee on Property and Liability Financial Reporting has published a Reinsurance Attestation Supplement 20-1: Risk Transfer Testing Practice Notice. This publication provides advisory, non-binding guidance to property/casualty actuaries regarding testing for risk transfer, in connection with the NAIC's new Supplement 20-1 titled the “Reinsurance Attestation Supplement: Attestation of Chief Executive Officer and Chief Financial Officer Regarding Reinsurance Agreements.”

Filed Under: Accounting for Reinsurance, Week's Best Posts

NAIC Reinsurance Task Force meeting summary

December 13, 2006 by Carlton Fields

The summary of the meetings of the NAIC's Reinsurance Task Force on December 9, 2006 and December 11, 2006 at the 2006 Winter Meeting has been posted on the NAIC's Internet site. It provides a brief description of the action taken on the proposed creation of the Reinsurance Evaluation Office to rate the financial strength of reinsurers as a basis for a collateral requirement, stating that the proposal should be “further refined” by the NAIC's Financial Condition (E) Committee no later than September 2007.

Filed Under: Accounting for Reinsurance, Reinsurance Regulation, Week's Best Posts

NAIC reinsurance credit proposal and comments posted on NAIC Internet site

December 4, 2006 by Carlton Fields

The NAIC's Reinsurance Task Force has posted on its Internet page the proposal to change the present collateral-based reinsurance credit system to one based upon the financial strength of the reinsurer. Proposal to Grant Credit for Ceded Reinsurance, NAIC Reinsurance Evaluation Office (October 31, 2006 draft). Comments on the proposal have already been posted from 17 organizations, including the RAA, Lloyd's and the European Commission. Further comments may be found on the Task Force's Internet page.

Filed Under: Accounting for Reinsurance, Reinsurance Regulation, Week's Best Posts

California updates regulations for reinsurance

November 27, 2006 by Carlton Fields

The California Insurance Commissioner has adopted broad revisions to California's regulations covering reinsurance accounting, credit for reinsurance, reinsurance agreements and oversight. The Department's Internet site includes the final regulations, a version that is redlined against the former regulations, statements of reasons for the revisions and a digest summarizing the changes. Comments submitted by various companies and organizations are also posted.

Filed Under: Accounting for Reinsurance, Reinsurance Transactions

RICO claims against Gen Re dismissed in ROA case

November 13, 2006 by Carlton Fields

A US District Court has dismissed RICO claims asserted in a Second Amended Complaint against Gen Re (with leave to amend) arising out of the insolvency of Reciprocal of America, and Gen Re's provision of “accommodation reinsurance” that involved an undisclosed side agreement. The Court found a failure to appropriately plead proximate cause and reliance. State law claims were dismissed without prejudice since the only federal law claims were dismissed. In re Reciprocal of America Sales Practices Lit., MDL 1551 (USDC W. D. Ten. Sept. 29, 2006).

Filed Under: Accounting for Reinsurance, Reorganization and Liquidation

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