The National Association of Insurance Commissioners’ (“NAIC’s”) Group Solvency Issues Working Group (“GSI Working Group”) will meet on February 13, 2015 at noon (ET) to continue deliberating possible amendments to the Insurance Holding Company System Regulatory Act (#440) and the Insurance Holding Company System Model Regulation (#450) intended to address issues that have arisen subsequent to the models’ adoption in 2010.
The proposed changes would involve the following sections of the NAIC’s 2015-2016 Financial Analysis Handbook:
- Holding Company Analysis for Use of Group Reporting Template
- Supervisory College Guidance
- Supervisory College Best Practices
To view the markups, click here (begins on page 15).
Should the revisions be submitted for public comment, the due date is expected to be March 11.
Meanwhile, the NAIC’s National Treatment and Coordination Working Group has been developing procedures to implement a consolidated public hearing for acquisitions involving multiple jurisdictions under the NAIC Insurance Holding Company System Regulatory Act (#440).
During the February 13 meeting, the GSI Working Group will review comments the following draft documents created to implement the new consolidated hearing option:
- Draft Notice of Consolidated Hearing Request Form – Public Document, which was developed to request a hearing for an insurance company acquisition and for mergers involving multiple jurisdictions.
- Draft Notice of Involved State Insurance Regulators, which was developed for the real party in interest to select all states involved in the transaction.
- Draft Notice of Intent to Hold Coordinating Conference Call and Waiver of Duplicative Public Hearings, which references requirements in the NAIC Insurance Holding Company System Regulatory Act (#440) explaining the lead state’s responsibilities to schedule a conference call within a certain time period and provides an option to waive a hearing if permitted under state law.
The National Treatment and Coordination Working Group will continue its work on the Form A statement filing procedures once a response is received from the GSI Working Group.