NAIC 2015 Fall National Meeting Highlights
By Jean Adams-Harris, CFE, CPA, CISA, AES, MCM, Principal - Regulatory Services and Kia Bickel, CPA, Senior Manager, Johnson Lambert, LLP
The NAIC reported near-record attendance of 2,204 at the Fall National Meeting, which is traditionally held in Washington D.C. to coincide with congressional events. NAIC members elected the following new officers for one-year terms beginning January 1, 2016:
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President: Missouri Insurance Director John M. Huff
President-Elect: Kentucky Insurance Commissioner Sharon P. Clark
Vice President: Wisconsin Insurance Commissioner Ted Nickel
Secretary-Treasurer: Tennessee Insurance Commissioner Julie Mix McPeak
Joseph Torti III of Rhode Island and Steve Johnson of Pennsylvania, announced their retirements at the end of the year. These well-respected regulators held key leadership roles on numerous NAIC committees and working groups; their presence and technical expertise will be missed by fellow regulators and interested parties.
Other highlights of the meeting included a half-day Captive Symposium coordinated by the Center for Insurance Policy and Research (CIPR). This CIPR event was a nonpartisan educational forum on the regulation of captive insurers that focused on insurer-owned captives. A panel of regulators and industry representatives discussed market, uniformity, transparency and regulatory challenges.
The European Union - U.S. Dialogue Project hosted a public meeting where European and U.S.-based regulators discussed the group supervision of transatlantic insurance groups and the potential challenges faced by international insurers.
The Fall meeting included updates on high profile, high impact on-going projects including the implementation of Principle-Based Reserving, the investments reclassification project, proposed XXX/AXXX Credit for Reinsurance Model Regulation and additional captive reinsurance reforms related to the use of Variable Annuity and Long-Term Care captives by life insurers.
In between the awards and special events, the various working groups slogged through packed agendas and adopted numerous resolutions that will impact 2015 Statutory-basis filers. What is the best way to obtain a comprehensive listing of every SSAP revision adopted during 2015? We recommend pre-purchasing the 2016 Accounting Practices and Procedures (AP&P) Manual, following the instructions below.
- Click here to pre-purchase the 2016 AP&P Manual.
- Click here and select Updates to the "As of March 2015" AP&P Manual
- Enter the username and password you received when you pre-purchased the 2016 AP&P Manual to access the updates to the 2015 AP&P Manual.
If you are an Annual Statement or RBC preparer or reviewer, be sure to register for IASA’s NAIC Fall National Meeting Update webinar on January 14, 2016 at 2 p.m. Eastern. The webinar is complimentary for IASA members and offers one hour of CPE credit. Topics will include recent activities of the NAIC’s Statutory Accounting Principles Working Group, Blanks working groups, RBC working groups, Reinsurance Task Force and other committees.
Please contact one of the following NAIC 2015 Fall National Meeting attendees with questions on the activities of the NAIC:
For more information, contact: Jean Adams-Harris at firstname.lastname@example.org or Kia Bickel at email@example.com.