Panel Weighs NAIC Model Act Revision

The National Association of Insurance Commissioners’ Model Act Revision Group has held teleconferences since the June NAIC meeting to consider possible changes to the Model Insurers Rehabilitation and Liquidation Act. The focus of these calls has been on whether the NAIC model act should be updated to incorporate language or concepts from the Uniform Receivership Law. NOLHGA staff representatives have participated in the calls relating to guaranty association issues, such as early access, intervention, appeal rights, priority of claims, deposit funds, reinsurance and information sharing. NOLHGA staff will be coordinating with the Legal Committee over the course of this project, which is anticipated to conclude sometime during 2002.

Coverage Issues Subgroup Explores Variable Product Issues

Steve Preston, chief actuary and chief financial officer of ING’s Investment Products Group, briefed the Legal Committee’s Coverage Issues Subgroup Aug. 30 on variable annuity products with guaranteed minimum death benefits and guaranteed living benefits. Preston discussed the range of products offered, risks associated with the products, statutory reserve valuation and risk-based capital requirements. The subgroup met in Philadelphia and included Chair John Colpean, Peter Gallanis, Kevin Griffith, Art Dummer, Carlisle Herbert, Jim Mumford, Frank O’Loughlin and Meg Melusen.

Members’ Participation Council Schedule for 2002

Below are preliminary dates and sites for 2002 MPC Meetings:

January 29-31
Westin Savannah Harbor Resort & Spa
Savannah, Georgia

May 20-22
Hilton Columbus
Columbus, Ohio

August 14-16
Salt Lake City Marriott
Salt Lake City, Utah