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March 2023 NAIC-Related Activity

Read on for a summary of NAIC activity or NAIC-related activity that occurred in March. 
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March saw a flurry of NAIC-related activities as the first National Meeting of the year was held in Louisville, Kentucky. As has been the recent pattern, attendees could attend the meeting in person or virtually. A few of the groups opted to hold their meetings virtually in the days before the National Meeting. The summaries below are in order of the meeting date.

Reinsurance Task Force – March 6, 2023 & Email Notification

The Task Force adopted three meeting reports of the Reinsurance Financial Analysis Working Group. These meetings were regulator-to-regulator, where the Working Group completed reviews of certified and reciprocal jurisdiction reinsurers. The Working Group reported there are now 55 reciprocal jurisdiction reinsurers and 41 certified reinsurers approved for passporting. A list of these reinsurers can be found online.1 Status reports were received from the Mutual Recognition of Jurisdictions Working Group and the states’ implementation of the Term and Universal Life Insurance Reserve Financing Model Regulations (#383), which became an accreditation standard on September 1, 2022. Besides adoption of the model, states may meet the requirement through an administrative practice. As of February 22, 33 jurisdictions have adopted the model, three jurisdictions are currently taking action on the model, and 11 states have indicated enforcement via administrative policy.

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  • 1 “Reinsurers Recommended for Passporting,” isiteplus.naic.org
  • 2Blanks (E) Working Group, content.naic.org
  • 3Capital Adequacy (E) Task Force, RBC Proposal Form, content.naic.org
  • 4Statutory Accounting Principles (E) Working Group, content.naic.org
  • 5Capital Adequacy (E) Task Force, RBC Proposal Form, content.naic.org
  • 6Risk-Based Capital Investment Risk and Evaluation (E) Working Group, content.naic.org
  • 7Valuation of Securities (E) Task Force, content.naic.org
  • 8Capital Adequacy (E) Task Force, content.naic.org

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