HOUSTON–The NAIC will be conducting a survey, at the request ofthe Federal Insurance Office, on a part of the Nonadmittedand Reinsurance Reform Act of 2010 to gather information on accessto reinsurance information.
|The effort was announced at the Reinsurance Task Force meetingby Chair Michael Consedine, Pennsylvania's insurancecommissioner, April 8 in Houston at the Spring Meeting ofthe National Association of Insurance Commissioners (NAIC).
|The FIO request involves Section 2 of the NRRA, a partof the Dodd-Frank Act, pertaining to credit forreinsurance, and concerns of how well the non-domiciled states ofan insurer can access information–or if they feel impaired by theNRRA, according to interpretations of the request by regulators andothers at the meeting.
|The request seems to come straight from the language of theDodd-Frank statute.
|The NAIC was asked to respond in the next week or so as to howit will fulfill the request, Consedine said.
|FIO is still working on a Dodd-Frank mandated paperon the ability of state regulators to access reinsuranceinformation and a review of NRRA provisionsregarding the ability of state regulators to accessreinsurance information for insurers that was due Jan. 1, 2013.
|The NAIC has not yet decided on a mechanism for the survey, asmany regulators learned of the request April 8.
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