Holly Wilding To Retire from NOLHGA in October 2024
Holly Wilding, NOLHGA’s Vice President of Administrative Services, has informed NOLHGA that she will be retiring in October 2024, after NOLHGA’s Annual Meeting in Nashville. After her retirement, she will serve as a consultant for NOLHGA on certain projects.
“Holly has been an invaluable resource in helping me in my new role,” said NOLHGA President Katie Wade. “I am grateful for her knowledge and her friendship, and I’m thrilled that she’ll be staying on as a consultant to help us in the future.”
Holly has been with NOLHGA since 1988. As Vice President of Administrative Services, she is responsible for managing the operation of administrative and support functions of NOLHGA, which include accounting, human resources, information systems, membership support, purchasing, insurance (organization and employee benefits), member relationships, and facilities functions. She is also the staff liaison with NOLHGA’s Board of Directors as well as the MPC Executive Committee and a number of other committees. In addition, she oversees all aspects of NOLHGA’s meetings.
As most members know, that description barely scratches the surface of what Holly does for NOLHGA and its members. As NOLHGA’s longest-serving staff member, she has been the heartbeat of the organization for decades, and it’s safe to say that none of our members can recall a time when Holly wasn’t at NOLHGA. Through it all, she has been a constant source of support for members and staff alike—making sure that NOLHGA’s meetings and operations run smoothly, but also adding a personal touch by remembering birthdays, making sure anniversaries and achievements are recognized, and ensuring that members and staff have everything they need to do their jobs successfully.
Everyone on the NOLHGA staff wishes to congratulate Holly on her upcoming retirement, even though we’re reluctant to let her go. If the members would like to pass along their congratulations, she can be reached at [email protected].
Staff Contact - Sean McKennaFACI & IAIS Updates
The Federal Advisory Committee on Insurance (FACI) held its first of four meetings this year on March 20, 2024 (the next meeting will be held virtually on June 4). The meeting featured remarks on the priorities of the Federal Office of Insurance (FIO) by FIO Director Steven Seitz, including:
Structural Shifts in the Life Insurance Sector: FIO continues to monitor structural changes to the life insurance sector, particularly in (1) increased holding of nontraditional assets and the impact on credit and liquidity risk; (2) increased use of affiliated and nonaffiliated offshore reinsurance, particularly in Bermuda; and (3) the amplification of the prior two areas as new entrants to the market engage in similar activities.
Insurance Capital Standard (ICS): FIO is heavily engaged in discussions regarding the finalization of the ICS and Aggregation Method (AM) comparability work. FIO has been closely coordinating with the NAIC and the Federal Reserve on this issue.
Artificial Intelligence (AI): FIO is monitoring state adoption of the NAIC AI Model Bulletin and is also closely watching activity surrounding the New York Department of Financial Services’ AI guidance.
Catastrophic Cyber: The initial phase of work related to a government response to catastrophic insurance has been completed, and FIO is engaged in a more detailed exploration to determine what form this response could take. There will be a Catastrophic Cyber Insurance Forum in May.
IFTRIP Meeting: FIO is hosting the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) meeting from April 23–25 in Washington, D.C. The United States is the current chair of IFTRIP.
FIO’s Work on Climate-Related Financial Risk: Under Secretary for Domestic Finance Nellie Liang gave opening remarks praising the collaboration between FIO and the NAIC in collecting data from property and casualty insurers to assess the impact of climate on homeowners’ insurance. FIO staff gave a presentation on the specifics of the data collection, which is currently underway. The NAIC will deliver data to FIO from mid-June to late-September. FIO will use the data to conduct a quantitative analysis to identify and analyze trends.
The FACI meeting also included an update on life insurance and retirement markets, including recent trends, from Carmi Margalit of S&P Global Ratings. He reported that the life insurance sector is one of the highest rated and most stable, with no expected changes to that outlook over the next 18 months. He noted that estimated shares of assets of private equity–affiliated life insurers are growing, as are long-term insurers’ assets in Bermuda, adding that S&P does not view this as either good or bad.
Another observed trend is the rapid movement of asset-intensive business from public to private ownership. In response to a question about S&P’s changes to capital modeling, Margalit said the new methodology will be implemented by the end of May, and that no changes in ratings are anticipated.
The FACI heard two presentations on the use of AI in insurance. The first, from Deloitte, addressed the current state of AI in insurance, opportunities and emerging risks, developing risk management frameworks, and lessons learned. The second, from EY, detailed survey results indicating that insurers are concerned, among other things, that regulatory ambiguity and compliance with responsible AI practices may increase costs and impact the speed of innovation.
In other news, the International Association of Insurance Supervisors (IAIS) recently published two consultations—analyses of both will appear in a future issue of the NOLHGA Wire. The third (of four) climate risk consultation packages was published by the IAIS on March 19, 2024. The package includes:
- Proposed changes to ICP guidance material related to investments (ICP 15) and enterprise risk management (ICP 16)
- Supporting material that incorporates updates to the existing 2021 Application Paper related to corporate governance (ICP 7), risk management and internal controls (ICP 8), and ICPs 15 and 16; the material also includes new information related to the valuation of assets and liabilities (ICP 14)
The IAIS also published a draft application paper for comment on diversity, equity, and inclusion within an insurer’s governance, risk management, and corporate culture. Comments are due June 14, and a public background session is scheduled for April 3 (registration is available here).
Staff Contact - Sean McKenna