NAIC Solicits Comments on Proposed IRMA-based State Accreditation Standards

The NAIC's Receivership and Insolvency Task Force (RITF) is considering a working group recommendation for development of new state accreditation standards based on receivership laws. The recommendation identifies approximately 20 "critical elements" that must be present to have a functioning receivership system or are otherwise deemed essential for the effective management of multi-state receiverships. These elements include parenthetical citations to approximately 40 different sections of the NAIC's Insurer Receivership Model Act (IRMA), which was adopted by the NAIC in December 2005.

The recommendation has been posted for public review and comment on the NAIC Web site. Comments concerning the proposed recommendations are due by October 19, 2006, and a call has been scheduled for RITF consideration of the recommendation and comments on October 23. Comments should be sent to NAIC Senior Staff Counsel Daniel Schelp at [email protected]. The October 23 call is open to interested parties, though advance registration is required. Please feel free to contact Joni Forsythe at NOLHGA (703.787.4103; [email protected]) if you have any questions or would like to request a copy of the exposure draft.

2005 Assessable Premium Data Released

The 2005 assessable premium data packages should be sent to guaranty associations and insurance commissioners on September 29, 2006, via FedEx. As in the past few years, all information is contained on a CD-ROM database developed by PricewaterhouseCoopers (PwC). The package includes an overview of the assessment data survey process, testing completed on companies' filings, etc. (all in PDF format), as well as state-specific licensed and unlicensed data disks. The CD-ROM also contains various look-up functions to review companies' data survey filings or summary-level reports. A new file added this year contains address information on over 1,000 companies included in the database.

It is important that the directions provided by PwC be followed when loading the data on your computer. Should you encounter any problems, please contact PwC at 703.918.3959.

Review of the data by guaranty associations is an important step in the process. Please contact Paul Peterson ([email protected] or 703.787.4119) should you have any questions or discover any errors in the data. In addition, we would greatly appreciate any comments or suggestions on ways to improve the CD-ROM functions, as this will be the format for data delivery in future years (hard-copy prints will no longer be provided).