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

Mayer Brown LLP
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USA
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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

Dodd-Frank Nonadmitted and Reinsurance Reform Act becomes effective

Mayer Brown LLP
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USA
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August 2 2011

On 21 July 2011, the Nonadmitted and Reinsurance Reform Act of 2010 (the “NRRA”), which is Subtitle B of Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act, became effective

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

Mayer Brown LLP
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USA
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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”

Reinsurance collateral reform: four states changed, three states pending

Mayer Brown LLP
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USA
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April 29 2011

The pace of reform for US reinsurance collateral and related regulatory requirements is quickening

New York passes bill regarding treatment of qualified financial contracts under insurance insolvencies

Mayer Brown LLP
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USA
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June 30 2011

On 22 June 2011, the New York Assembly passed Senate Bill 2713A Assembly Bill 6603A which, if signed by the Governor, will add provisions to the New York Insurance Law regarding the treatment of qualified financial contracts in an insurance insolvency proceeding

New York approves first superintendent of Department of Financial Services

Mayer Brown LLP
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USA
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May 31 2011

In our January 2011 Bulletin we reported that New York Governor Andrew Cuomo had announced his intention of merging the New York State Banking and Insurance Departments and creating a unified Department of Financial Services ("DFS"

Illinois continues to pursue credit for reinsurance reform

Mayer Brown LLP
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USA
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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

NAIC continues consideration of AG 38

Mayer Brown LLP
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USA
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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

NAIC considers proposal to treat working capital finance notes as invested assets

Mayer Brown LLP
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USA
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April 29 2011

On March 27, 2011, at the Spring National Meeting of the National Association of Insurance Commissioners ("NAIC"), the Valuation of Securities (E) Task Force ("VOS Task Force") evaluated a proposal to allow insurance companies to treat Working Capital Finance Notes as invested assets

California issues bulletin for guidance on implementation of reinsurance provisions of Dodd-Frank Act

Mayer Brown LLP
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USA
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April 29 2011

On April 11, 2011, the State of California Department of Insurance (the “Department”) released Bulletin No. 2011-2 (the “Bulletin”), Implementation of Reinsurance Provisions of the Federal Nonadmitted and Reinsurance Reform Act

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