We use cookies to customise content for your subscription and for analytics. If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.
In a major step forward in the move toward adopting principles-based reserving, the Life Insurance and Annuities (A) Committee ((A) Committee) of the National Association of Insurance Commissioners (NAIC) voted on September 9, 2009, to approve revisions to the Standard Valuation Law (Model 820) (SVL), which had previously been approved by the NAIC Life and Health Actuarial Task Force to enable a principles-based approach to reserve valuation for insurance companies
On Thursday, March 18, 2010, the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, chaired by Representative Paul Kanjorski (D-PA), held a hearing to examine the interaction between federal and state regulators regarding oversight of holding companies containing entities conducting insurance activities
In an ambitious move to craft legislation that will override state case law on corporate governance, potentially challenge the federal securities laws as the primary source of the requirement to disclose corporate risk factors, and extend the extra-territorial reach of state insurance regulators to examine and control insurance holding companies and insurers beyond their state borders, a key committee of the National Association of Insurance Commissioners ("NAIC") has exposed amendments (the "Amendments") to the Insurance Holding Company System Model Act (440) (the "Act") and changes to the supporting regulations for a 30-day comment period ending July 21, 2010
