Kevin M. McCarty, NAIC President and Florida Insurance Commissioner

Therese M. (Terri) Vaughan, Ph.D.
NAIC Chief Executive Officer

“State insurance regulators, the Federal Insurance Office and NAIC staff spent countless hours working with their European counterparts developing this draft through their participation in each of these committees,” said Kevin M. McCarty, National Association of Insurance Commissioners (NAIC) President and Florida Insurance Commissioner. “This report represents our continued commitment to building on and strengthening our mutual understanding of our respective systems.” McCarty is a member of the Steering Committee.

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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"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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