The National Association of Insurance Commissioners (NAIC) has released its 2012 annual report, Six Degrees of NAIC: Reflecting. Connecting. Protecting.
The NAIC report provides an overview of regulatory activities in areas including government relations, international insurance supervision, solvency modernisation initiative, financial regulation and consumer education.
In its attempts to modernize the state-based system of financial regulation, the NAIC saw notable progress throughout 2012 in the use of captives.
According to the report: “An NAIC group charged with evaluating the use of insurer-owned captives released study results and recommendations for public comment. Preliminarily, the group is recommending a series of actions that may entail revising statutory accounting guidance, updating the relevant NAIC models, enhancing financial reporting and improving analysis and examination procedures.”
Ben Nelson, NAIC CEO, said: “This annual report’s theme illustrates how state regulators evaluate various aspects of the insurance marketplace by connecting with consumers.”
“While the details of health care, financial reform and international regulatory cooperation are complex, they have a real-world impact on real people. Discovering how public policy connects with the public in general is a unique responsibility for our members.”
The report also features video messages from officers, highlights and statistics and a copy of the NAIC’s audited financial statements.
Click here to view the report.
