Authored by: Jason Jacobs and Russell Sommers
NAIC President, John Huff, led the opening session with a recap of the meeting agenda for the inaugural meeting in 1871. Discussion items noted in that meeting were developing a standard regulatory approach, taxes, investments, dividends and capital requirements. Considering that agenda from over 140 years ago, it is clear that while markets evolve and the regulatory environment develops, the core considerations remain constant.
It was noted that the United States has shown flexibility with international insurers and their capital requirements, and that the United States is moving toward accreditation or reciprocity with international monetary authorities to build more flexibility for United States domestic insurers operating abroad.
From a consumer impact perspective, it was highlighted that Americans have not claimed $1 billion in lost life insurance policies. The NAIC has compiled information from a litany of sources to create the National Lost Life Insurance Policy Database, which is accessible at naic.org and will soon be accessible via a smartphone application.
During the opening of the regular meeting sessions, several relevant items and future changes were discussed. Learn more about the details of the Statutory Accounting Principles Working Group (SAPWG), International Insurance Relations (G) Committee, and Cybersecurity Task Force.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.