Boston–The National Association of Insurance Commissioners has given preliminary approval to new requirements for annual statement disclosure and attestation aimed at ferreting out finite reinsurance abuse.
The changes will add new interrogatories to ensure finite reinsurance agreements transfer enough risk to merit the favorable accounting treatment companies accrue from them.
After the approval Saturday by the Property Casualty Reinsurance Study Group at the opening session of the NAIC summer meeting here, the measure goes to other committees before final approval by the full NAIC in time for the distribution of the 2005 annual statement.
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