- Baker Tilly discussed cybersecurity risks to insurance companies and policy holders, recently released guidance from the National Association of Insurance Commissioners (NAIC), and changes expected to your state examinations.
- The NAIC Statutory Accounting Principles (E) Working Group and the Emerging Accounting Issues (E) Working Group held a joint conference call Monday during which accounting issues related to the risk corridors program (Section 1342 of the Affordable Care Act) were discussed.
- Overall, the 2015 Working Group memo indicated that the depth and breadth of the content of the ORSA reports varied significantly from company to company, and that the ORSA reports of life insurers generally demonstrated more mature ERM and capital management frameworks than those of property-casualty and health insurers.
- The National Association of Insurance Commissioners (NAIC) recently held its Summer 2015 National Meeting. There are several relevant items and future changes for insurance organizations to be aware of and to watch for from the Statutory Accounting Principles Working Group, Blanks Working Group, Investment Classification Project, and Investment Risk Based Capital Working Group.
- Tips for insurers on topics ranging from cybersecurity to governance to short-duration contracts.
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