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”).
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.
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”).
United Kingdom - March 5 2012 HM Treasury has recently closed a consultation on the tax regime for controlled foreign companies (“CFCs”).
European Union - March 5 2012 On 2 February 2012, the European Commission (the “Commission”) wrote a letter to the European Insurance and Occupational Pensions Authority (“EIOPA”) regarding third country equivalence assessments under Solvency II.