Orlando, Fla.–Captive domicile officials appear to be reaching a meeting of the minds with state regulators over what sort of accounting format risk retention groups should use to report their financial condition.
An attorney for the RRGs gave a positive assessment after the latest meeting of the National Association of Insurance Commissioners task force that is studying regulation of the groups in the wake of a federal government report on RRGs.
Robert H. Myers Jr., National Risk Retention Association general counsel, said the task force had shown a willingness to let RRGs continue expressing their data using Generally Accepted Accounting Procedures as long as regulators are provided a summary translating the report from GAAP to statutory accounting.
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