NU Online News Service, May 12, 10:55 a.m. EDT--The National Association of Insurance Commissioners has stepped into the current controversy over the use of finite reinsurance products with proposed new disclosure requirements.
According to a statement released by the NAIC late yesterday afternoon, the latest proposed disclosures would require an insurer to report to state insurance regulators any agreement that has the effect of altering policyholders' surplus by more than 3 percent, or representing more than 3 percent of premium or losses.
"The new disclosure is also designed to identify any reinsurance contract that has been accounted for differently under statutory accounting principles compared to general financial statement purposes," said an NAIC spokesman.
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