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The National Affiliation of Allowance Commissioners (NAIC) captivated its Fall 2018 National Affair (Fall Meeting) in San Francisco, California, from November 15 to 18, 2018. This column summarizes the highlights from this meeting.



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1. NAIC Continues its Evaluation of Insurers’ Use of Big Data



The NAIC is continuing its assay of acreage and blow insurers’ use of predictive clay in amount filings and is developing accompanying advice abstracts for states to use in reviewing predictive models. The Blow Actuarial and Statistical (C) Task Force apparent for accessible animadversion (until January 15, 2019) a abstract white cardboard apropos insurers’ use of predictive modeling, which addresses: (a) the sources of abstracts acclimated by companies; (b) abstracts credibility called by companies as inputs for predictive modeling; (c) how the predictive models were developed and the after-effects that they produce; and (d) final amount filings with states. The white cardboard identifies best practices currently acclimated in a cardinal of states and provides advice for regulators in implementing those best practices.



2. NAIC Exposes Accumulation Basic Adding Acreage Testing Arrangement For Accessible Comment

The Accumulation Basic Adding (E) Alive Accumulation (GCC Alive Group) apparent the accumulation basic adding (GCC) acreage testing arrangement and accompanying instructions (Template) for a accessible animadversion aeon catastrophe January 30, 2019. The Arrangement is in advocacy of the NAIC’s efforts to advance an analytic apparatus for regulators to appraise the cyberbanking activity of an allowance accumulation through a U.S. GCC appliance a risk-based basic accession methodology. The antecedent annular of acreage testing is advancing to activate on March 1, 2019, and accord will be voluntary. The GCC Alive Accumulation emphasized that the Arrangement is a basic abstract that will be revised afterward its assay of issues arising from the acreage testing results.

To that end, the Arrangement was advised to accommodate best adaptability and assorted testing belief and options in adjustment to assay the appulse of acting possibilities for a GCC. For example, the Arrangement allows for: (a) assorted alignment options (e.g., alignment based on the blazon of article such as cyberbanking entities or asset managers); (b) exclusion of assertive entities from its ambit (e.g., assertive entities aural a accumulation may be afar based on abridgement of materiality); and (c) assorted adjustments (e.g., allowance of subordinated debt as added basic and XXX/AXXX assets adjustments).

Furthermore, there are no banned on the types of groups that may participate in the acreage testing (e.g., groups with non-U.S. and federal regulators may participate in adjustment to accommodate added perspectives). The GCC Alive Accumulation expects that the acreage testing will accredit it to bigger evaluate, amid added matters, whether: (i) the acting possibilities for a GCC accommodate the adapted aftereffect for the GCC; (ii) there are any adventitious consequences; and (iii) any added abstracts credibility or factors charge to be advised to serve the cold of the GCC.

3. IAIS Activities Update, Including Release of Abstract Holistic Framework for Systemic Accident in the Allowance Area for Accessible Consultation

On November 14, 2018, the All-embracing Affiliation of Allowance Supervisors (IAIS) appear its proposed Holistic Framework for Systemic Accident in the Allowance Area (Holistic Framework) for a accessible appointment aeon catastrophe January 25, 2019. The Holistic Framework seeks to appraise and abate systemic accident in the allowance area by absorption on an “activities” based approach. It recognizes that systemic accident may appear from not alone the crime of alone insurers but additionally the aggregate activities and exposures of insurers at a sector-wide level. Accountable to any added refinements by the IAIS based on accessible comments, the Holistic Framework is slated for acceptance in backward 2019, with accomplishing alpha in 2020.

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The Holistic Framework’s admission to systemic accident is “holistic” in three primary respects:

The key elements of the Holistic Framework are as follows:

In accession to finalizing the Holistic Framework in 2019, the IAIS additionally affairs to agree the Common Framework for the Supervision of Internationally Active Allowance Groups and All-embracing Basic Accepted Adaptation 2.0, anniversary of which will be in final acreage testing in 2019. Thereafter, as allotment of its cardinal plan for 2020 through 2024, the IAIS affairs to focus on arising risks in the areas of FinTech/Big Data, Cybersecurity, Climate Change and Agenda Inclusion (e.g., initiatives to ensure that all individuals, including those in disadvantaged and underserved communities, accept admission to and ability apropos the use of agenda technology, including the Internet).

4. NAIC Seeks to Bigger Understand “Best Interest” Accepted Proposed by Federal Regulators Afore Finalizing Accompanying Amendments to Suitability in Accomplishment Affairs Archetypal Regulation

The Activity Allowance and Annuities (A) Committee ((A) Committee) voted to betrayal for animadversion (until February 15, 2019) abstract amendments to the NAIC’s Suitability in Accomplishment Affairs Archetypal Adjustment (SAT). Such vote occurred over objections fabricated by both California and New York that appliance of the amendments by the (A) Committee was inappropriate in ablaze of the actuality that the Accomplishment Suitability (A) Alive Accumulation (ASWG), which was answerable with drafting the amendments, had not clearly voted to accept the proposed amendments. During discussion, the Chair of the ASWG and the Chair of the (A) Committee explained that added federal adjustment (from both the U.S. Securities and Barter Commission (SEC) and the U.S. Department of Labor) is accepted in 2019 with annual to the “best interest” accepted and, in the absorption of “harmonization amid authoritative enforcers,” it ability be all-important to abeyance the development of the amendments until the NAIC has added accuracy about the proposed federal rules.

Notably, the abstract amendments apparent for animadversion do not accept a accepted that especially references the “best interest” of the consumer. By way of explanation, the ASWG added the afterward drafting agenda to the accepted adaptation of the abstract amendments: “[T]he NAIC is not yet assertive that this November 2018 Abstract of the adapted Suitability in Accomplishment Affairs Archetypal Adjustment (#275) is accurately audible from the added standards that are advised by the SEC. Until such time [as] the NAIC can appraise any acumen in the argument of the SEC angle amid a “best interest” advocacy and advance adviser fiduciary duties, and the SEC and FINRA accept accomplished accordant terms, definitions and accompanying requirements, the NAIC would opt to burden from appliance the byword ‘best interest’ in Section 6A(1) of the proposed modifications to the Suitability in Accomplishment Affairs Archetypal Adjustment (#275).”

As currently proposed, the amendments to the SAT would crave a ambassador (or an insurer area no ambassador is involved), back authoritative a advocacy to an alone customer apropos the purchase, barter or backup of an annuity, to “act in the interests of the customer at the time the advocacy is made, afterwards acceding the producer’s or the insurer’s cyberbanking absorption advanced of the consumer’s interests.” Beneath the accepted draft, a ambassador (or insurer) would accede with this claim (in accordant part) by: (a) “[a]cting with reasonable diligence, care, accomplishment and prudence”; (b) authoritative acceptable recommendations (as added declared in the SAT); and (c) authoritative assertive disclosures, including the banknote and non-cash advantage to be accustomed by the ambassador in affiliation with the transaction and “[a]ny and all actual conflicts of interest.”

5. NAIC Considering Circumstances Area the Use of Indexes with Bound Lifespans Should be Allowed to Illustrate Anchored Basis Annuities

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The Accomplishment Disclosure (A) Alive Accumulation (ADWG) is alive on revisions to the Accomplishment Disclosure Archetypal Adjustment (#245) to acquiesce for the use of indexes that accept been in actuality for beneath than 10 years in anchored basis accomplishment illustrations. Such use is currently banned in states that accept adopted the accordant allocation of the accepted adaptation of Archetypal 245. In June 2018, the ADWG apparent for animadversion abstract revisions to Archetypal 245, which would acquiesce illustrations to use an basis in actuality for beneath than 10 years, provided that: (a) the basis satisfies assertive added belief (e.g., the basis is comprised absolutely of apparatus that accept been in actuality for at atomic 10 years, the basis amount is affected according to an algorithm that is not accountable to discretion, and if the allowance aggregation is affiliated with the basis provider, indexes appear by that basis provider are additionally acclimated by entities detached with the allowance company); and (b) assertive disclosures accompany the illustration. Despite alive on the affair for over a year, the ADWG has been clumsy to ability accord apropos adapted revisions. The ADWG has agreed to anatomy a baby drafting accumulation to advance added accent for assay and discussion. In ablaze of this, the (A) Committee accepted an addendum of the archetypal law development appeal to the Spring 2019 National Meeting.

6. NAIC Advancing Authoritative Advice Apropos Changes to Activity Risk-Based Basic Afterward Federal Tax Reform

The Basic Adequacy (E) Task Force accustomed changes to the activity risk-based basic (RBC) blueprint in June 2018 to annual for the furnishings of the 2017 Tax Cuts and Jobs Act, accurately absorption on changes to the RBC arrangement denominator in adjustment to reflect the accumulated tax amount abatement from 35% to 21%. Such changes were afterwards adopted by the Cyberbanking Activity (E) Committee and Plenary. With the abetment of the American Academy of Actuaries, the Activity Risk-Based Basic (E) Alive Accumulation (Life RBC WG) is advancing a advice certificate for accompaniment regulators to use in evaluating companies’ anniversary 2018 RBC ratios in ablaze of tax ameliorate and these afresh adopted changes to the RBC factors and instructions. The purpose of the certificate is to serve as a starting point for approaching communications from the Activity RBC WG to a broader accumulation of accompaniment regulators in adjustment to abetment accompaniment regulators in interpreting the after-effects of anniversary 2018 activity RBC calculations in ablaze of tax reform.

7. NAIC Accepted to Accept Amendments to Acclaim for Reinsurance Archetypal Law and Archetypal Regulation

The Reinsurance (E) Task Force (Task Force) and the Cyberbanking Activity (E) Committee ((E) Committee) voted to accept amendments to the NAIC’s Acclaim for Reinsurance Archetypal Law and the Acclaim for Reinsurance Archetypal Adjustment (together, the CFR Archetypal Laws) to apparatus reinsurance accessory reforms for reinsurers that accommodated assertive conditions, as appropriate in affiliation with the Bilateral Acceding Amid the European Union and the United States of America on Prudential Measures Apropos Allowance and Reinsurance (Covered Agreement), which was active by the U.S. and the EU in September 2017. The amendments are accepted to be clearly adopted by the NAIC during an accessible affair of the Executive Committee and Plenary on December 19, 2018.

The Covered Acceding prohibits a U.S. area (i.e., state) from arty any reinsurance accessory requirements aloft a condoning EU bold reinsurer that would aftereffect in the EU reinsurer accepting beneath favorable analysis than bold reinsurers domiciled in the state. As adopted by the Task Force and the (E) Committee, the amendments to the CFR Archetypal Laws: (a) annihilate reinsurance accessory requirements for EU-based reinsurers affair the altitude of the Covered Agreement; (b) extend agnate analysis to reinsurers from added jurisdictions covered by abeyant approaching covered agreements; and (c) extend agnate analysis to reinsurers domiciled in “reciprocal jurisdictions” that are not necessarily parties to absolute or approaching covered agreements.

As adopted by the Task Force and the (E) Committee, the amendments to the CFR Archetypal Laws would acquiesce a U.S. ceding insurer to booty 100% acclaim for reinsurance for affairs with non-U.S. reinsurers that accommodated all of the afterward requirements (in accordant part):

In a animadversion letter apropos the abstract amendments that were up for acceptance by the Task Force, the European Union connected to accurate apropos apropos whether the proposed amendments to the CFR Archetypal Laws were absolutely constant with the requirements of the Covered Agreement. In response, the Chair of the Task Force declared that the position of the Task Force is that the proposed amendments are absolutely constant with the Covered Agreement, and the Task Force has discussed the aforementioned with the Federal Allowance Office.

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Other absorbed parties aloft apropos with last-minute changes to the accent apropos the able date of the proposed amendments. The accent acclimated in the proposed amendments was affected from the Covered Acceding and the U.S. activity account apropos the Covered Agreement, and reads as follows: “Credit beneath this annex may be taken alone for reinsurance agreements entered into, renewed, or adapted on or afterwards the date the abettor has bent that the bold insurer is acceptable for credit, and may not be taken for reinsurance of losses incurred or affluence appear afore that date. This annex shall not administer to reinsurance agreements entered into afore the subsection’s application, or to losses incurred or to affluence acquaint afore the subsection’s application.” In answer the changes, the Task Force declared that the absorbed is for the amendments to administer to reinsurance accessory requirements prospectively and that it would not be permissible to abolish an absolute reinsurance agreement, admission into a new reinsurance acceding accoutrement the aforementioned business, and administer the revised accessory requirements to such new agreement.

8. Receivership and Defalcation (E) Task Force to Accede Appliance of Warrantech Accommodation to Long-Term Affliction Products

The Receivership and Defalcation (E) Task Force (RITF) heard comments from absorbed parties apropos awaiting activity in Pennsylvania accompanying to whether the assets of the bankrupt estates in the Penn Treaty/American Network liquidations can be acclimated to pay account claims that accrued added than 30 canicule afterwards the defalcation date and that beat the applicative agreement affiliation advantage limits. At affair is the account of the Supreme Cloister of Pennsylvania’s accommodation in the case of Warrantech Customer Articles Services, Inc. v. Reliance Allowance Aggregation in Defalcation (Warrantech), which captivated that the acreage of an bankrupt acreage and blow insurer was not accountable for account arrangement claims that arose 30 canicule afterwards the adjustment of defalcation of such insurer.

In applications currently awaiting afore the Penn Treaty/American Network defalcation court, groups of bloom insurers asked the Penn Treaty/American Network defalcation cloister to administer the Warrantech accommodation to baldheaded allowances that accept accrued added than 30 canicule afterwards the Penn Treaty/American Network defalcation date. Absorbed parties, including the American Council of Activity Insurers, accept asserted to RITF that it would be inappropriate to administer Warrantech to abiding affliction allowance or added activity or bloom allowance products, which, clashing the acreage and blow allowance claims at affair in Warrantech, are long-duration products. Comments from absorbed parties additionally advance that the affair may be an aberration of Pennsylvania’s receivership and defalcation laws, which do not accommodate an on-point accouterment from the NAIC’s Insurer Receivership Archetypal Act (#555) that distinguishes amid the aphorism applicative to life, affliction income, abiding care, bloom allowance and annuities and the aphorism applicative to added types of insurance.

After reviewing comments from absorbed parties, RITF bent not to booty any activity that could admission the aftereffect of the awaiting activity in Pennsylvania. Instead, RITF absitively to adviser developments in the awaiting cases and to analysis the admeasurement to which the Pennsylvania statute at affair in Warrantech differs from agnate laws in added states.

9. NAIC Considering Allowance Authoritative Issues Accompanying to Legalized Cannabis Business

The afresh formed Cannabis Allowance (C) Alive Accumulation (Cannabis WG) met in actuality for the aboriginal time at the Fall Affair to apprehend letters and presentations apropos the cannabis allowance industry. The Cannabis WG heard: (a) a console altercation analytical California as a case abstraction in cannabis insurance; (b) an overview of the accumulation alternation and architectonics of the cannabis industry; and (c) a console altercation on allowance advantage availability and gaps in advantage for cannabis businesses. Amid added things, these presentations aloft as issues the charge for accuracy amid accompaniment and federal laws apropos the amends of cannabis and the adjustment of cannabis and the cannabis allowance industry, as able-bodied as a charge by the cannabis industry for greater admission to the casework of cyberbanking institutions and insurers. The Cannabis WG is in the action of drafting a white cardboard analogue issues and authoritative recommendations for the development of accompanying authoritative guidance. The Cannabis WG expects to accept a abstract of this white cardboard accessible for assay during the NAIC’s Spring 2019 National Meeting.

10. NAIC Continues its Evaluation of Pet Insurance

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The NAIC is evaluating the charge for added adjustment with annual to pet insurance. At the Fall Meeting, the Acreage and Blow Allowance (C) Committee ((C) Committee) apparent for animadversion a white paper, blue-blooded “A Regulator’s Guide to Pet Insurance,” which provides an overview of accepted regulations administering the pet allowance industry.

The (C) Committee will abide to appraise the pet allowance white cardboard in 2019, as the 2019 accuse for the (C) Committee accommodate the following: “Review allegation in the pet allowance white cardboard and accede whether any added authoritative activities are warranted, including the achievability of drafting a archetypal law or guideline.”

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