GA Update Online is intended for NOLHGA’s guaranty association members only. The contents are confidential and should not be shared with third parties. NOLHGA reserves all rights with respect to applicable privileges from disclosure.
IN THIS EDITION:
- Introduction
- Center for Insurance Policy and Research (CIPR)
- Executive (EX) Committee
- Life Insurance and Annuities (A) Committee
- Health Insurance and Managed Care (B) Committee
- Financial Condition (E) Committee
- International Insurance Relations (G) Committee
- Innovation, Cybersecurity, and Technology (H) Committee
Introduction
Below is a preview of the guaranty association–related meetings scheduled for the NAIC’s 2024 Spring National Meeting in Phoenix, which will be held on March 15–18. A detailed program agenda on the NAIC website includes the most current dates and times of all meeting sessions, as well as any events before or after the national meeting.
Center for Insurance Policy and Research (CIPR)
Insurance to Improve Quality of Life: Understanding and Addressing Barriers to the Financial Inclusion of Insurance: March 17, 1:00 – 2:30 p.m. MT
During this event, we will consider financial inclusion as it pertains to insurance products and services, leveraging insights from existing data that tracks this information. We will further identify barriers to inclusivity in insurance product offerings and begin to discuss what can be done to address these barriers/protection gaps from an industry and regulatory perspective, including lessons learned from other industry contexts. Finally, we will highlight the important role insurers play as investors in the communities in which they operate, as well as the role of education involving financial and insurance literacy to close insurance protection gaps.
Executive (EX) Committee
The SPECIAL (EX) COMMITTEE ON RACE AND INSURANCE will: 1) consider adoption of its 2023 Fall National Meeting minutes; 2) receive reports on the current activity and progress of its workstreams; and 3) receive an update on the Member Diversity Leadership Forum.
Life Insurance and Annuities (A) Committee
The committee will: 1) consider adoption of the report of the Life Actuarial (A) Task Force; and 2) hear updates from the Accelerated Underwriting (A) Working Group and the Annuity Suitability (A) Working Group.
- The LIFE ACTUARIAL (A) TASK FORCE will: 1) continue the development of requirements for principle-based reserving (PBR); 2) hear an update on the NAIC’s mortality experience collection project; 3) discuss the Generator of Economic Scenarios (GOES) project; 4) discuss the potential for a mandatory group annuity mortality experience collection; and 5) consider adoption of its subgroup reports.
Health Insurance and Managed Care (B) Committee
The committee will: 1) hear presentations on issues of interest to the committee, particularly issues committee members have identified as of interest for discussion this year; 2) consider adoption of its 2023 Fall National Meeting minutes; and 3) consider adoption of its task force, working group, and subgroup reports.
- The Health Innovations (B) Working Group will: 1) hear a presentation on private equity (PE) in health care; and 2) any additional presentations as requested by the Working Group members.
The LONG-TERM CARE INSURANCE (B) TASK FORCE will: 1) consider adoption of its 2023 Fall National Meeting minutes; 2) consider adoption of the report of the Long-Term Care Actuarial (B) Working Group; 3) discuss the single long-term care insurance (LTCI) multistate rate review approach; and 4) hear an update on LTCI industry trends.
- The Long-Term Care Actuarial (B) Working Group will hear an update on a single LTCI multistate rate review approach.
Financial Condition (E) Committee
The committee will: 1) consider adoption of its task force and working group reports; and 2) continue discussion on its previously exposed Framework for Regulation of Insurer Investments.
- The Financial Analysis (E) Working Group will meet in regulator-to-regulator session, pursuant to paragraph 3 (specific companies, entities, or individuals) of the NAIC Policy Statement on Open Meetings, to continue work on its goals.
- The Risk-Focused Surveillance (E) Working Group will meet in open session to discuss its progress in developing guidance for regulator review of affiliated investment management agreements.
- The Valuation Analysis (E) Working Group will meet in regulator-to-regulator session, pursuant to paragraph 3 (specific companies, entities, or individuals) of the NAIC Policy Statement on Open Meetings, to continue work on its goals.
- The Statutory Accounting Principles (E) Working Group will: 1) receive comments on previously exposed items, including new market tax credits, clarifications to collateral loan reporting, and updates to Schedule BA reporting categories; and 2) consider new items for exposure.
- The Life Risk-Based Capital (E) Working Group will: 1) consider adoption of its minutes; and 2) discuss its working agenda.
- The Risk-Based Capital Investment Risk and Evaluation (E) Working Group will: 1) consider adoption of its minutes; and 2) continue discussions on moving forward with key projects.
The RECEIVERSHIP AND INSOLVENCY (E) TASK FORCE will: 1) consider adoption of its minutes; 2) consider adoption of its working group reports; 3) hear updates on international resolution activities; and 4) hear updates on any other receivership activities.
- The Receivership Financial Analysis (E) Working Group will meet in regulator-to-regulator session, pursuant to paragraph 3 (specific companies, entities, or individuals) of the NAIC Policy Statement on Open Meetings, to continue work on its goals.
- Consider adoption of its minutes
- Discuss comments and consider adoption of the following proposed amendments to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual): (A) A revised update on the definition of an NAIC designation; (B) a revised procedure authorizing the NAIC Securities Valuation Office (SVO) discretion over NAIC designations assigned through the filing exemption (FE) process; and (C) the addition of a practical expedient to determine the issue date for private letter (PL) rating filings
- Receive and consider exposure of the following proposed amendment to the P&P Manual: update references to the Statements on Statutory Accounting Principles (SSAPs) in guidance for subsidiary, controlled, and affiliated (SCA) and related party bond or preferred stock investments
- Receive reports on (A) the annual year-end carry-over filings from the SVO; (B) the proposed collateralized loan obligation (CLO) modeling methodology and the CLO Ad Hoc Group; and (C) the Statutory Accounting Principles (E) Working Group’s projects
International Insurance Relations (G) Committee
The committee will:
- Discuss progress on initiatives of the International Association of Insurance Supervisors (IAIS), including (A) the implementation and the assessment of the updated Insurance Core Principles (ICPs), the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), and the holistic framework for systemic risk assessment; (B) ongoing work on the global insurance capital standard (ICS), aggregation method (AM), and comparability; and (C) plans for addressing emerging risks and trends
- Hear an update on work in progress at other international organizations, including the Organisation for Economic Co-operation and Development (OECD) and the Sustainable Insurance Forum (SIF)
- Receive updates on ongoing activities to enhance cooperation with international insurance regulators
Innovation, Cybersecurity, and Technology (H) Committee
The committee will: 1) consider adoption of its 2023 Fall National Meeting minutes; 2) receive reports and updates from its working groups; 3) discuss committee-level projects; and 4) receive presentations on artificial intelligence (AI) developments and trends.
- The Big Data and Artificial Intelligence (H) Working Group will: 1) consider adoption of its 2023 Fall National Meeting minutes; 2) receive a report on the health AI/machine learning (ML) survey; and 3) receive updates on the use of big data and AI within the insurance industry.
- The Cybersecurity (H) Working Group will: 1) hear an update on federal and state privacy legislation; 2) discuss the work plan for its discussions on cybersecurity and cyber insurance in 2024; and 3) hear presentations from the American Academy of Actuaries and CyberAcuView.