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| NAIC Statement Regarding Adoption of RMORSA Model Act and Revisions to AG38 |
 Kevin M. McCarty, NAIC President and Florida Insurance Commissioner"Today the NAIC held a joint call of the Executive Committee/Plenary, during which the NAIC concluded two priority initiatives for the year; adoption of the Risk Management and Own Risk and Solvency Assessment (RMORSA) Model Act, and revisions to Actuarial Guideline XXXVIII (AG38).
The RMORSA Model Act is a key element in our effort to modernize the U.S. approach to the regulation of insurance groups. The Model passed today follows our recent work on the NAIC Holding Company Model Act, which I am pleased to say has been adopted in ten states."
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| NAIC Advances Transparency to Track Risk Globally |
Members of the NAIC have decided to add the Legal Entity Identifier (LEI) to insurance industry regulatory reporting. The LEI project is coordinated by the Financial Stability Board and endorsed by the G-20. Until now it has been a challenge for financial regulators to track entities beyond country borders, as current registries are unique within countries and across different markets. This was particularly a problem with derivatives counterparties and exposures during the financial crisis.
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| McPeak Appears Before Department of Labor Advisory Council |
 Julie Mix McPeak
Commissioner of
the Tennessee Department of Commerce and Insurance
The NAIC reaffirmed the work state regulators are doing to protect consumers in the life insurance and annuities industries.
Julie Mix McPeak, Commissioner, Tennessee Department of Commerce and Insurance and Chair of the Life Insurance and Annuities (A) Committee, testified on behalf of the NAIC before the Department of Labor's Advisory Council on Employee Welfare and Pension Benefit Plans.
Read Commissioner McPeak's Full Written Testimony
Life Insurance and Annuities (A) Committee |
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