Regulators move forward with offshore reinsurance ‘concepts’
June 26, 2024 by John Hilton
The Life Actuarial Task Force voted Thursday to expose a pair of reinsurance documents designed to move regulators closer to an actuarial guideline to tighten oversight of offshore arrangements.
The documents deal with different aspects of asset adequacy testing. Comments will be received until July 20. Regulators spent the better part of the hour-long call discussing eight “considerations for a consensus” presented by Fred Anderson of the Minnesota Department of Commerce:
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Wink’s Moore on the Market: My man, Kevin Clark with the Iowa Insurance Division pitched a proposal to the National Association of Insurance Commissioners (NAIC), to tighten the reins on reinsurers.
It doesn’t look like we’ll see anything until 2025 though. -sjm