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Results: 1-10 of 35

NAIC continues consideration of AG 38

  • Mayer Brown LLP
  • -
  • 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

Additional states introduce credit for reinsurance reform legislation; New Jersey proposes new credit for reinsurance regulations

  • Mayer Brown LLP
  • -
  • USA
  • -
  • March 5 2012

The Model Act revisions provide that the Form B must include a statement that the insurer’s board of directors is responsible for any oversees corporate governance and internal controls and that the insurer’s officers or senior management have approved, implemented and continue to maintain and monitor corporate governance and internal control procedures

States continue to consider enacting the amendments to the NAIC Insurance Holding Company System Regulatory Act and Regulation

  • Mayer Brown LLP
  • -
  • USA
  • -
  • March 5 2012

In 2011, Rhode Island, Texas and West Virginia became the first states to adopt legislation to implement the December 2010 amendments to the National Association of Insurance Commissioners (“NAIC”) Insurance Holding Company System Regulatory Act (“Model Act”) and Insurance Holding Company System Model Regulation with Reporting Forms and Instructions (“Model Regulation”

NAIC Captive & SPV Use Subgroup holds inaugural meeting

  • Mayer Brown LLP
  • -
  • USA
  • -
  • January 31 2012

The Captive & SPV Use Subgroup (the “Subgroup”) of the NAIC Financial Condition (E) Committee held its inaugural meeting by conference call on Friday 27 January 2012

CPSS & IOSCO issue a final report on OTC derivatives reporting and aggregation requirements

  • Mayer Brown LLP
  • -
  • USA
  • -
  • January 31 2012

On 17 January 2012, a task force (“Task Force”) consisting of the Committee on Payment and Settlement Systems (“CPSS”) and the Technical Committee of the International Organization of Securities Commissions (“IOSCO”) issued a final report on OTC derivatives data reporting and aggregation requirements

Dodd-Frank update: CFTC approves final rules regarding swap dealers and major swap participants

  • Mayer Brown LLP
  • -
  • USA
  • -
  • January 31 2012

On 11 January 2012, the Commodity Futures Trading Commission (“CFTC”) approved final regulations establishing a registration process for swap dealers and major swap participants

Illinois continues to pursue credit for reinsurance reform

  • Mayer Brown LLP
  • -
  • USA
  • -
  • January 31 2012

Two bills were newly introduced to the 97th General Assembly of the State of Illinois with the aim of amending the existing credit for reinsurance laws of the state

CFTC issues final order amending effective date of swap regulation

  • Mayer Brown LLP
  • -
  • USA
  • -
  • December 21 2011

On 19 December 2011, the Commodity Futures Trading Commission (the “CFTC”) issued a final order (the “Final Order”) regarding the effective date of swap regulation under the Dodd-Frank Act

Update on the Federal Insurance Office

  • Mayer Brown LLP
  • -
  • USA
  • -
  • December 21 2011

Over recent months, the Federal Insurance Office (the “FIO”) has been actively communicating with the insurance industry and further defining its role within the insurance regulatory landscape