Financial & Regulatory Brief: In the World

August 29, 2019 NAMIC submitted comments in August to the International Association of Insurance Supervisors about its recently exposed framework for the assessment of systemic risk at the global level. This exposure included significant changes to... Read more

Financial & Regulatory Brief: In the World

May 21, 2019 Staff members from the International Association of Insurance Supervisors last month provided an update to the industry about the specifications that would be field-tested in 2019 for the Insurance Capital... Read more

Financial & Regulatory Brief: In the World

February 21, 2019 NAMIC attended the IAIS stakeholder meeting in Basel, Switzerland, in February to learn more about the 2019 efforts concerning the Insurance Capital Standard... Read more

Financial & Regulatory Brief: In the World

January 16, 2019 NAMIC submitted comments (Att. 2 – Recovery Planning Comment Letter) to the International Association of Insurance Supervisors regarding the Recovery Planning Application Paper... Read more

Financial & Regulatory Brief: In the World

October 25, 2018 NAMIC is working with members on a response to the International Association of Insurance Supervisors regarding the Insurance Capital Standard 2.0 Consultation document.... Read more

In the World: Insurance Capital Standard 2.0 to be Compared Against All Other Approaches, Including the U.S. Aggregation Approach; ComFrame Consultation Includes Changes to Scope of Group; IAIS Stakeh

September 20, 2018 The International Association of Insurance Supervisors released for consultation Insurance Capital Standard 2.0 with a comment deadline of Oct. 30. When completed, the capital standard will be used as the “reference version” to compare different... Read more

In the World: IAIS Releases Final ICS Consultation Before Field Testing Begins; Public Disclosure Standard Issued for Comment; IAIS Paper on Board Role Incongruent With U.S. Standards

August 23, 2018 Released following the International Association of Insurance Supervisors’ Global Seminar in Moscow were final consultations on ComFrame and the Insurance Capital Standard 2.0  that is part of... Read more

Financial & Regulatory Brief: In the World

May 17, 2018 The International Association of Insurance Supervisors has released a draft issues paper related to climate change risk developed in collaboration with the Sustainable Insurance Forum, an organization initially chaired by California Insurance ... Read more

Insurance Issues Set to Move in HFSC

May 7, 2018 The House Financial Services Housing and Insurance Subcommittee is considering plans for a hearing to examine the insurance perspective of autonomous vehicle technology... Read more

Federal & Regulatory Brief: In the World

April 19, 2018 The International Association of Insurance Supervisors is developing a five-year strategy and sought feedback from stakeholders on the issues to include from several perspectives – social, technological, economic, political, etc. NAMIC took this... Read more

NAMIC Meeting With Treasury to Discuss U.S.-EU Covered Agreement, IAIS Activities

April 9, 2018 NAMIC will participate in a meeting at the Treasury Department April 12 with officials working with the European Union and the U.S. state insurance regulators on implementing the covered agreement negotiated last year. The U.S. has five years in ... Read more

Financial & Regulatory Brief: In the World

February 15, 2018 NAMIC representatives attended a Treasury Department meeting Jan. 29 to promote its longstanding resistance to a one-size-fits-all global solvency standard for internationally active insurance... Read more

Financial & Regulatory Brief: In the World

January 18, 2018 NAMIC attended the International Association of Insurance Supervisors stakeholder meeting in Nashville, TN on January 13 regarding the insurance capital standard and the activities based approach to... Read more

Financial & Regulatory Brief: In the World

December 20, 2017 The International Association of Insurance Supervisors, through the Systemic Risk Task Force released an interim public consultation paper on an activities-based approach to systemic risk in the insurance sector... Read more

Financial & Regulatory Brief: In the World

October 20, 2017 The U.S. Treasury formally signed the bilateral covered agreement with the European Union and with it issued a policy statement on Sept. 22. NAMIC advocated over the last year for clarifications to the covered... Read more

In the World: NAMIC Weighs in on IFRS 17; IAIS Macroprudential Surveillance Consultation Released; Final IAIS Application Paper on Mutuals Released

September 21, 2017 NAMIC participated in a joint presentation to the International Association of Insurance Supervisors Accounting and Auditing Working Group regarding IFRS 17, the new international accounting standard for... Read more

In the World: IAIS Hosts Annual Global Seminar; IAIS Releases New Consultations; FSB Issues Proposed Guidance on Sound Compensation Practices

July 21, 2017 The International Association of Insurance Supervisors hosted its annual Global Seminar near London in late June... Read more

In the World: IAIS Accounting Panel Discusses New IFRS Insurance Accounting Standard; NAMIC Submits Comments to IAIS on Latest Consultation Draft

June 15, 2017 The Accounting and Auditing Working Group of the International Association of Insurance Supervisors held a conference call on June 8 to update stakeholders on the... Read more

In the World: NAMIC Submits Comments to FSB on G20 Reforms; NAMIC Developing Comments on Latest Draft of ComFrame

May 18, 2017 The Financial Stability Board in April issued a consultation on a framework for assessing the G20 financial reforms put in place since the financial crisis. The questions the FSB posed for... Read more

In the World: New IAIS Consultations Released; ICS 1.0 Approved by Executive Committee

March 16, 2017 The International Association of Insurance Supervisors issued five significant consultations on March 3 for a 90-day comment period. This public consultation includes the Insurance Core Principles as well as... Read more

In the World: FASB/IASB Pledge to Continue Collaboration; International Capital Standard Development Continues; EU-U.S. Covered Agreement Reached

January 19, 2017 The Financial Accounting Standards Board and the International Accounting Standards Board met last month during the American Institutes of CPAs' conference on current Securities Exchange Commission and Public... Read more

In the World: Little Progress Made at IAIS Annual Meeting; International Accounting Standard Has New Effective Date

November 18, 2016 The International Association of Insurance Supervisors held its annual meeting in Paraguay in November; however, many things that were expected to be released were held up for... Read more

In the World: NAMIC Submits Comments to IAIS on Resolution, Recovery Plans; NAMIC is Highlighting Mutual Issues for Large as Well as Small Companies

October 13, 2016 The International Association of Insurance Supervisors held a stakeholder meeting in early 2016 about proposed changes to ComFrame and the Insurance Core Principles to address resolution strategies and planning. An early... Read more

In the World: NAMIC Submits Comments on Mutual Insurers; Resolution/Recovery Drafts Revealed; Capital Requirement Trifecta

September 14, 2016 NAMIC submitted comments to the International Association of Insurance Supervisors on its application paper on mutuals, cooperatives, and community-based organizations. In the paper the... Read more

In the World: Second ICS Consultation Draft Coming; Other IAIS Consultations Delayed; New Application Paper on Mutuals; Brexit Impact

July 14, 2016 NAMIC attended an International Association of Insurance Supervisors Stakeholder meeting in New York last month and learned that a second consultation draft on the Insurance Capital Standard will be released on... Read more

In the Nation: Fed Proposes Capital Standards Rules; FHFA to Allow Statutory Accounting in Determining Tangible Capital; FACI Holds Open Meeting

June 9, 2016 The Federal Reserve released on June 3 its first advance notice of proposed rulemaking for insurance companies' group capital requirements. Daniel Tarullo, Federal Reserve governor, spoke to insurance regulators in May about the Fed's progress in... Read more

In the World: NAMIC Participates in Global Meetings; IAIS/FSB Consultations Expected This Summer; UK to Vote on Exiting the EU

June 9, 2016 NAMIC participated in meetings in May with Insurance Europe and the Global Federation of Insurance Associations. The focus of the Insurance Europe meeting was on the customer. There were discussions about what... Read more

In the Nation: Fed Proposal to Collect Financial Data on Non-Bank SIFIs; Bill Introduced Would Rein In Fed's International Involvement in Insurance; NAMIC Investment Management Services Hosts Webinar

May 20, 2016 The Board of Governors of the Federal Reserve System recently released an invitation for comment on a proposal to collect financial data on a consolidated basis from nonbank financial companies that were tagged as... Read more

In the World: Team USA Meets Again on International Issues; UK Looks at Stress Testing for Non-Life Companies; NAMIC Presented at IAIS Working Group Meeting

May 20, 2016 Several insurance companies and trades met with Team USA at the U.S. Treasury on April 25 to discuss issues before the International Association of Insurance Supervisors. NAMIC took a strong... Read more

In the World: Where's the Transparency on Resolution at IAIS; IMF Reports Aggregate Life Insurance Industry Systemically Risky; Moody's Report Solvency II Ratios Not Comparable

April 22, 2016 There was a very brief update at the NAIC Receivership and Insolvency Task Force on Resolution and Recovery at the IAIS. James Kennedy of Texas, the NAIC representative on the IAIS working group, said... Read more

In the World: Where's the Transparency on Resolution at IAIS; IMF Reports Aggregate Life Insurance Industry Systemically Risky; Moody's Report Solvency II Ratios Not Comparable

April 22, 2016 There was a very brief update at the NAIC Receivership and Insolvency Task Force on Resolution and Recovery at the IAIS. James Kennedy of Texas, the NAIC representative on the IAIS working group, said that no specific information about the work can be s... Read more

In the World: IAIS Update; U.S.-EU Covered Agreement Negotiations Have Begun; Stakeholder Call With Accounting and Auditing Working Group

March 10, 2016 In February, the IAIS held a number of supervisor-only meetings. While the industry was not allowed to attend, the issues of discussion were noted in IAIS’ February newsletter. Discussion items included: 1) Revisions to the assessment methodology for Gl... Read more

NAMIC Urges Congress to Protect U.S. Policyholders From Intrusive International Regulation

February 25, 2016 Proposed legislation intended to bolster congressional oversight of U.S. involvement in international negotiations on regulatory standards for insurance is a step in the right direction but should be made stronger to protect... Read more

In the World: New Committee on Group Capital at NAIC; NAMIC Comments on IAIS Consultations; NAMIC Recommendations on IAIS Stakeholder Procedures; 2016 Issues at IAIS

February 11, 2016 In response to the discussion about a global group capital standard, the NAIC has created a working group reporting to the Financial Condition (E) Committee to address a group capital calculation. The new Group Capital Calculation Working Group was dire... Read more

In the World: NAMIC Comments on FSB Guidance on Resolution; Solvency II Effective 1-1-16; NAMIC to comment on IAIS Consultations

January 15, 2016 NAMIC submitted comments in January on the recent guidance paper issued by the Financial Stability Board providing guidance in the liquidation planning, referred to as “resolution strategies and planning,” of global systemically important insurance grou... Read more

In the World: EU/U.S. Covered Agreement Negotiations Begin; Two New Consultation Documents Released by IAIS

December 10, 2015 The U.S. Treasury Department, the U.S. Trade Representative, and the European Union have initiated negotiations of a covered agreement on two key issues – collateral requirements for foreign reinsurers in the United States and the EU’s determination of ... Read more

In the World: NAMIC Comments on IAIS Consultations – Capital Issues, ICP Revisions

September 10, 2015 Several International Association of Insurance Supervisors consultations were issued in June for comment with deadlines in August. Several topics were covered, but of most significance to NAMIC members were the proposed capital requirement for global sy... Read more

Stakeholders Weigh-In on New Solvency Standards for Global Systemically Important Insurers

August 17, 2015 NAMIC attended an Aug. 11 meeting hosted by the Federal Insurance Office at the Treasury Department to discuss the International Association of Insurance Supervisors’ work on developing new capital standards for the nine global systemically important in... Read more

In the World: IAIS ExCo Meets With Stakeholders; ICS Timetable Changed; Multiple Consultations Open for Comment Until August

July 10, 2015 Stakeholders met with representatives of the International Association of Insurance Supervisors in June during the Global Seminar Meetings in Macau. Under the limited rules on stakeholder participation in IAIS committee meetings, this represents the pri... Read more

In the World: International Monetary Fund Grades U.S. System of Insurance; U.S., E.U. to Negotiate Reinsurance Collateral Requirements; IAIS Stakeholder Meetings in the U.S.

May 14, 2015 The International Monetary Fund released its assessment of the U.S. insurance regulation system. In its report “Financial Sector Assessment Program – Detailed Assessment of Observance of Insurance Core Principles,” the IMF compares state and federal ins... Read more

International Release of 2015 Scores for U.S. Insurance Regulation

April 28, 2015 The 2008 financial crisis had innumerable consequences on the economies of the United States and countries around the world – some obvious; some not. One unexpected consequence was the growing influence of international authorities on the way the U.S. i... Read more

In the World: 2015 FSAP on U.S. Insurance Regulation Released

April 9, 2015 The 2015 Financial Sector Assessment Program report on U.S. insurance regulation was just released by the International Monetary Fund. In 2010 the IMF last assessed the insurance laws and regulations in the U.S. to determine their compliance with the In... Read more

International Issues: Group Capital, 2015 FSAP

April 7, 2015 The International Association of Insurance Supervisors consultation draft of the Insurance Capital Standard was the topic of discussion in the ComFrame Development Analysis (G) Working Group. CDAWG submitted comments in February to the International Ass... Read more

International Issues at the NAIC

March 25, 2015 Since the Fall National Meeting the International Association of Insurance Supervisors released its consultation draft of the Insurance Capital Standard. The ComFrame Development Analysis (G) Working Group submitted comments to the IAIS on the standard.... Read more

In the World: Insurance Capital Standards Comments Submitted; Advocacy Continues on ICS; Corporate Governance Guidelines at OECD

March 12, 2015 NAMIC submitted comments to the International Association of Insurance Supervisors on its Insurance Capital Standard consultation draft that was released in December 2014. Our talking points provide a useful summary of these comments. NAMIC is working o... Read more

In the World: Still Inadequate Transparency at the IAIS; Release of Insurance Capital Standard Draft Anticipated; FSB Paper on Resolution of GSIIs

December 12, 2014 A second consultation draft of the IAIS limits on stakeholder participation in meetings was issued. The lack of transparency of important IAIS proceedings is not adequately addressed in this second draft. U.S. stakeholders remain very concerned about th... Read more

In the World: IAIS Annual Meeting Report

November 10, 2014 NAMIC attended the 2014 Annual Meeting of the International Association of Insurance Supervisors in Amsterdam, the Netherlands. You can view the report from our international team here. Michelle Rogers Director of Financial and Regulatory Policy mrogers... Read more

Full Slate of Issues at the IAIS Annual Meeting

November 4, 2014 As part of a strategic effort to expand NAMIC's reach into the growing international issues arena, NAMIC staff participated in the 2014 Annual Meeting of the International Association of Insurance Supervisors in Amsterdam. Neil Alldredge, senior vice pr... Read more