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Lexology (05/08/19) Dobecki, Stephanie H.; Dunn, Ellen M.; Holland, Andrew R.; et al..
During the National Association of Insurance Commissioners’ (NAIC) Spring 2019 National Meeting, the Reinsurance (E) Task Force considered extra alterations to the Credit for Reinsurance Model Law and Legislation to Implement Covered Agreements, and the Most Recent vulnerability loopholes provide for further deference to the terms of the Covered Agreements and restrict the application of commissioner discretion. The NAIC Group Capital Calculation (E) Working Group continued to make progress in creating a U.S. Group Capital Calculation (GCC), together with voluntary discipline testing expected to begin in early May. The NAIC also will continue to consider the usage of large data for predictive modeling in rate filings by property and casualty insurers and blockchain technology in the insurance business, and it’ll extend the scope of its examination of data utilization by reviewing such use in connection with hastened underwriting for life insurance and insurance claims clinics. Further, the NAIC will restart with finalizing proposed amendments into this Suitability in Annuity Transactions Model Regulation (SAT), discuss possible regulation of pharmacy benefit managers, best practices advice associated with closing federal flood insurance rules, and mechanisms for voluntary restructuring of petroleum insurance companies, among other matters…. Read More
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