A Connecticut regulator said he believes that the National Association of Insurance Commissioners will not be able reach a consensus on more specific accounting standards for finite reinsurance transactions.
Instead, some form of "best practices" could serve as detailed guidance for reinsurance accounting in the near term while policymakers hash out more final solutions, according to John Purple.
Mr. Purple, who serves as chief actuary for the Connecticut Department of Insurance as well as chair of the NAIC Casualty Actuarial Task Force, said it appeared highly unlikely the statutory accounting rules could be revised by year's end to quantify risk transfer in finite reinsurance contracts.
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