HOUSTON–The NAIC will be conducting a survey, at the request of the Federal Insurance Office, on a part of the Nonadmitted and Reinsurance Reform Act of 2010 to gather information on access to reinsurance information.
The effort was announced at the Reinsurance Task Force meeting by Chair Michael Consedine, Pennsylvania's insurance commissioner, April 8 in Houston at the Spring Meeting of the National Association of Insurance Commissioners (NAIC).
The FIO request involves Section 2 of the NRRA, a part of the Dodd-Frank Act, pertaining to credit for reinsurance, and concerns of how well the non-domiciled states of an insurer can access information–or if they feel impaired by the NRRA, according to interpretations of the request by regulators and others at the meeting.
The request seems to come straight from the language of the Dodd-Frank statute.
The NAIC was asked to respond in the next week or so as to how it will fulfill the request, Consedine said.
FIO is still working on a Dodd-Frank mandated paper on the ability of state regulators to access reinsurance information and a review of NRRA provisions regarding the ability of state regulators to access reinsurance information for insurers that was due Jan. 1, 2013.
The NAIC has not yet decided on a mechanism for the survey, as many regulators learned of the request April 8.
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