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USA - March 5 2012
During a conference call on 21 February 2012, a joint working group of the National Association of Insurance Commissioners’ (the “NAIC”) Life Insurance and Annuities (A) Committee and Financial Condition (E) Committee (the “Joint Working Group”), formed by the Executive (EX) Committee to study Actuarial Guideline 38 (“AG 38”), an NAIC model regulation which requires life insurers to establish additional statutory reserves for certain universal life insurance policies with secondary guarantees (“ULSG policies”)¸ took its first significant action by adopting a bifurcated approach to AG 38 that establishes separate standards for ULSG policies that are already in force and ULSG policies that are issued in the future.
United Kingdom - March 5 2012
The FSA published the first General Insurance Newsletter and Life Insurance Newsletter (together the “Newsletters”) for the year on 8 February 2012.
European Union - March 5 2012
The European Commission (the “Commission”) published a White Paper on 16 February 2012 entitled “An Agenda for Adequate, Safe and Sustainable Pensions” (the “White Paper”).
China - March 5 2012
On 22 March 2011, the Chinese Insurance Regulatory Commission (“CIRC”) released new draft rules on the administration of representative offices of foreign insurance related institutions (the “Draft Rules”).
