Boston–The National Association of Insurance Commissioners has given preliminary approval to new requirements for annual statement disclosure and attestation aimed at ferreting out finite reinsurance abuse.
The changes will add new interrogatories to ensure finite reinsurance agreements transfer enough risk to merit the favorable accounting treatment companies accrue from them.
After the approval Saturday by the Property Casualty Reinsurance Study Group at the opening session of the NAIC summer meeting here, the measure goes to other committees before final approval by the full NAIC in time for the distribution of the 2005 annual statement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
