NU Online News Service, May 12, 10:55 a.m.EDT--The National Association of Insurance Commissionershas stepped into the current controversy over the use of finitereinsurance products with proposed new disclosure requirements.
According to a statement released by the NAIC late yesterdayafternoon, the latest proposed disclosures would require an insurerto report to state insurance regulators any agreement that has theeffect of altering policyholders' surplus by more than 3 percent,or representing more than 3 percent of premium or losses.
"The new disclosure is also designed to identify any reinsurancecontract that has been accounted for differently under statutoryaccounting principles compared to general financial statementpurposes," said an NAIC spokesman.
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