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Reinsurance (E) Task Force

Mission Statement

The mission of the Reinsurance (E) Task Force is to monitor and coordinate activities and areas of interest, which overlap to some extent the charges of other working groups, specifically the International Insurance Relations (G) Committee.

2019 Charges

The Reinsurance (E) Task Force will:

  1. Provide a forum for the consideration of reinsurance-related issues of public policy.
  2. Oversee the activities of the Reinsurance Financial Analysis (E) Working Group.
  3. Oversee the activities of the Qualified Jurisdiction (E) Working Group.
  4. Monitor the implementation of the 2011 and 2016 revisions to the Credit for Reinsurance Model Law (#785), the 2011 revisions to the Credit for Reinsurance Model Regulation (#786), and the Term and Universal Life Insurance Reserve Financing Model Regulation (#787).
  5. Communicate and coordinate with the Federal Insurance Office (FIO) and other federal authorities on matters pertaining to reinsurance.
  6. Consider any other issues related to the revised Model #785, Model #786 and Model #787.
  7. Monitor the development of international principles, standards and guidance with respect to reinsurance. This includes, but is not limited to, monitoring the activities of various groups within the International Association of Insurance Supervisors (IAIS), including the Reinsurance and Other Forms of Risk Transfer Subcommittee, the Reinsurance Mutual Recognition Subgroup and the Reinsurance Transparency Group.
  8. Consider the impact of reinsurance-related federal legislation, including, but not limited to, the federal Nonadmitted and Reinsurance Reform Act (NRRA) and the Federal Insurance Office Act, and coordinate any appropriate NAIC action.
  9. Consider the impact of reinsurance-related international agreements, including the "Bilateral Agreement Between the European Union and U.S. on Prudential Measures Regarding Insurance and Reinsurance"(Bilateral Agreement).
  10. The Reinsurance (E) Task Force is directed to develop revisions to Model #785 and Model #786 to conform to the terms of the Bilateral Agreement.
  11. The Reinsurance (E) Task Force is directed to develop revisions to Model #785 and Model #786 to allow reinsurers domiciled in NAIC qualified jurisdictions other than within the European Union (EU) to realize reinsurance collateral requirements similar to those provided under the Bilateral Agreement under specified circumstances. In order for an insurer domiciled in a qualified jurisdiction outside of the EU to receive the same collateral requirement treatment as provided to EU-domiciled reinsurers, that non-EU qualified jurisdiction must agree to adhere to all other standards imposed upon the EU in the Bilateral Agreement, including the requirement that the qualified jurisdiction must agree to recognize the states' approach to group supervision, including group capital. As part of its deliberations, the Task Force should consult with international regulators, in addition to all other interested parties.
  12. The Reinsurance (E) Task Force is directed to develop revisions to Model #785 and Model #786 to address the effect of a breach of the Bilateral Agreement (as determined pursuant to its terms) on a reinsurer's collateral obligations and the effect of a failure of a non-EU qualified jurisdiction to meet the standards imposed by its agreement or acknowledgment to adhere to the terms of the Bilateral Agreement and/or the model law and regulation.
  13. In conjunction with any revisions to Model #785 and Model #786, the Qualified Jurisdiction (E) Working Group is directed to consider changes to the Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions to require that qualified jurisdictions recognize key NAIC solvency initiatives, including group supervision and group capital standards, as well as require strengthening of the information-sharing requirements between the states and qualified jurisdictions, in order for reinsurers domiciled in qualified jurisdictions to receive similar treatment to EU reinsurers under the Bilateral Agreement, and processes of removal of qualified jurisdiction status in the event of a breach.

The following Working Groups report to the Reinsurance Task Force:

 

KEY DOCUMENTS OF THE REINSURANCE (E) TASK FORCE

Document Description
Credit for Reinsurance Model Law (#785)
Credit for Reinsurance Model Law (#785): Revisions Adopted on 06-25-19 On June 25, 2019, the NAIC Executive (EX) Committee and Plenary adopted revisions to the Credit for Reinsurance Model Law (#785) which incorporate relevant provisions of the Bilateral Agreement Between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance ("Covered Agreement")
Credit for Reinsurance Model Law (#785): Revisions Adopted on 01-08-16 On January 8, 2016, the NAIC Executive (EX) Committee and Plenary adopted revisions to the Credit for Reinsurance Model Law (#785).
Credit for Reinsurance Model Law (#785): Revisions Adopted on 11-06-11 On November 6, 2011, the NAIC Executive (EX) Committee and Plenary adopted the revised Credit for Reinsurance Models, with additional amendments adopted during the meeting.
Specific Additional Amendments to Credit for Reinsurance Models and Preface adopted by Executive (EX) Committee and Plenary on 11-06-11
Credit for Reinsurance Model Regulation (#786)
Credit for Reinsurance Model Regulation (#786): Revisions Adopted on 06-25-19 On June 25, 2019, the NAIC Executive (EX) Committee and Plenary adopted revisions to the Credit for Reinsurance Model Regulation (#786) which incorporate relevant provisions of the Bilateral Agreement Between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance ("Covered Agreement")
Revised Credit for Reinsurance Model Regulation (#786) adopted by NAIC 11-06-11 On November 6, 2011, the NAIC Executive (EX) Committee and Plenary adopted the revised Credit for Reinsurance Models, with additional amendments adopted during the meeting.
Specific Additional Amendments to Credit for Reinsurance Models and Preface adopted by Executive (EX) Committee and Plenary on 11-06-11
Term and Universal Life Insurance Reserve Financing Model Regulation (#787)
Term and Universal Life Insurance Reserve Financing Model Regulation (#787) On December 13, 2016, the NAIC Executive (EX) Committee and Plenary adopted the Term and Universal Life Insurance Reserve Financing Model Regulation (#787).
Qualified Jurisdictions

Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions as adopted by NAIC August 17, 2014

NAIC List of Qualified Jurisdictions (1.1.17)

On November 6, 2011, the NAIC Executive (EX) Committee and Plenary adopted revisions to the Credit for Reinsurance Models. These revisions serve to reduce reinsurance collateral requirements for certified reinsurers that are licensed and domiciled in Qualified Jurisdictions.

 

The NAIC adopted the Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions (Qualified Jurisdiction Process) on August 27, 2013 (which was further amended on August 19, 2014).

 

 

Effective Jan. 1, 2015, the NAIC approved seven jurisdictions for recognition as a Qualified Jurisdiction

Summary of Findings and Determination Reports:

Certified Reinsurers
Certified Reinsurers Public Web Page The Web page provides background regarding the certified reinsurer process, including details on the ReFAWG mission, Uniform Application, Passporting process, certified reinsurer timeline, and ReFAWG review of reinsurers. In addition, the Web page provides access to the listing of certified reinsurers within each state that has adopted Model Law #785/Model Regulation #786 and a current listing of certified reinsurers recommended for Passporting. This Web page became accessible to the public on February 22, 2016.
Reinsurance (E) Task Force

2019 Summer National Meeting
New York
Reinsurance (E) Task Force
Sunday, August 04, 2019
8:30 AM - 10:00 AM ET

America's Hall I - 3rd Level

CERTIFIED REINSURANCE — PUBLIC NOTICES

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Jake Stultz
Senior Accounting and Reinsurance Policy Advisor
816-783-8481

Dan Schelp 
Managing Counsel
816-783-8027

Please see the current Committee List for a complete list of committee members.

 

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