Regulators Grapple With SPRV Model Act

New Orleans

Regulators came close last week to advancing the Special Purpose Reinsurance Vehicle Model Act along the road to a vote by the general membership of the National Association of Insurance Commissioners, but in the end could not make that leap.

Virginia Insurance Commissioner Alfred W. Gross, who chairs NAIC’s Financial Condition (E) Committee, indicated at the NAIC Summer meeting here that the committee has combed the provisions of the model act to clear up inconsistencies and fine-tune the statutory language.

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