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2015 Monica J. Lindeen: NAIC Key Regulatory Initiatives

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Published on May 4, 2015

TEXT: Hello, I’m Monica Lindeen, the NAIC President for 2015.

Working together through the National Association of Insurance Commissioners (NAIC), my colleagues and I have identified a number of priority issues we face as insurance markets continue to evolve. During regular conference calls, interim and national meetings, we’ll focus our efforts to respond to these challenges.

One emerging threat we must address is cybersecurity. Digital attacks are becoming more common, sophisticated, and costly. The NAIC is committed to developing a framework to keep policyholder data safe, as well as leading a coordinated response when data breaches occur.

A long-standing project of the NAIC is the transition to Principle-Based Reserving (PBR) requirements for life insurers. We are currently enhancing the methodology for calculating policy reserves, creating the reporting and regulatory review process, and developing a company experience reporting framework. In addition, we are working to provide state insurance departments and companies the tools they need for a smooth transition.

Another area of focus in the life insurance sector is the use of captive reinsurance vehicles. We have studied the impacts of captive reinsurance transactions for XXX and AXXX business. We have implemented a short-term response while we work to develop a sustainable solution. Our next focus will be to consider variable annuity and long term care captive reinsurance transactions.

Health reform implementation remains a challenge for many states. Uncertainty in any insurance marketplace isn’t good for consumers or companies. The NAIC continues to coordinate with federal agencies, Congress and the White House on a number of outstanding issues related to health reform.

Earlier this year, Congress created the National Association of Registered Agents and Brokers (NARAB) to streamline the non-resident producer-licensing process. We stand ready to coordinate with the President, industry representatives and stakeholders as this new association takes shape.

We are also at a critical time for coordination of our work internationally. Many large insurance companies are increasingly global, and our regulatory approach must also expand. Working with our federal colleagues and international counterparts, regulators are exploring capital standards and other regulatory measures for internationally active insurance groups.

These key initiatives have been identified as our priorities for the year—but there is much more work being done through the many committees, working groups and task forces at the NAIC. I encourage you to follow our work by visiting the “committees and activities” section of http://www.naic.org. You can also follow key events in the “meetings and events” section.

I hope you’ll follow us on Facebook and Twitter to receive news updates and alerts.

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