John M. Huff
Missouri Insurance
Director

The NAIC has reappointed John M. Huff, Missouri Insurance Director, to a second two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC). In this role, Huff will continue to represent the interests of the nation’s state insurance regulators on the council. FSOC is a fifteen member body comprised of the nation’s chief financial regulators.

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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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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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Established in 1992, the Consumer Liaison Program promotes consumer representation and interaction with NAIC members by providing funding for qualified representatives to participate in NAIC meetings.

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