NAIC Adopts Model Law For Insurers' Own Risk Assessments

Law360, New York (September 13, 2012, 8:41 PM EDT) -- The National Association of Insurance Commissioners on Wednesday passed model legislation that sets out requirements for insurers completing Own Risk and Solvency Assessments and approved revisions to actuarial guidelines to ensure that insurers have adequate reserves.

Kevin McCarty, the president of NAIC and Florida's insurance commissioner, said passing the Risk Management and Own Risk Solvency Assessment Model Act and adopting revisions to Actuarial Guideline 38 were insurance regulators' two priority initiatives for the year.

Large insurers will be expected to regularly conduct an Own Risk Solvency...
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