WASHINGTON–The National Association of Insurance Commissioners, at their recent meeting here, voted to include a Model Audit Rule among various proposed measures they will take comment on in the coming year.
The models would be required of a state in order to maintain continuing accreditation by the NAIC.
A plenary session of the group acted on a report of the Financial Regulation Standards and Accreditation “F” Committee delivered by Rhode Island Superintendent Joseph Torti III.
NAIC adopted as an accreditation standard a property-casualty actuarial opinion model law effective Jan. 1, 2010
The membership also voted to expose for comment through 2008 three accreditation standards models: Revisions to the Risk-based Capital for Insurers model act; the Insurer Receivership Model Act as a replacement to current reference to the Insurers Rehabilitation and Liquidation Model Act; and, 2006 revisions to the Model Audit Rule, formerly referred to the Annual Financial Reporting model regulation.
The group also gave full approval to several life insurance models as well as offered updates on previously adopted initiatives.
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