A National Association of Insurance Commissioners task force–formed to address issues brought up in a federal government report on risk retention groups–drew accolades from the RRG sector for expressing willingness to accept GAAP as well as statutory accounting methods for the alternative market facilities, as long as there is a summery of the differences for reviewers.
The Government Accountability Office had asked the NAIC to set standards for RRGs, saying the rules should include a uniform accounting method.
Robert H. Myers Jr., National Risk Retention Association general counsel, told National Underwriter that the group's success at the meeting was largely due to the inclusion of more domiciles on the task force, as previously requested by NRRA, the Captive Insurance Companies Association and several state domiciles. This allowed for better communication and understanding with state regulators, he said.
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