There are no advance materials at this time.

Survey on Effect of QJ Implementation of Solvency II
Exposure by Qualified Jurisdiction (E) Working Group. Submit survey responses to Matthew Todd and Dan Schelp by Wednesday, December 31, 2016. [Note: the previous survey response deadline of Wednesday, November 23, 2016, has been extended.]

Comments on the below exposures are due by the close of business Friday, January 13, 2017, and should be directed to Dan Schelp or Matt Todd.

  • Qualified Jurisdiction (E) Working Group report regarding European Union member state implementation of Solvency II and the potential impact on the qualified jurisdiction status of France, Germany, Ireland and the United Kingdom.

  • Reinsurance Financial Analysis (E) Working Group referral regarding reinsurance collateral ratings on a legal entity and group basis. The issue is whether the Reinsurance Financial Analysis (E) Working Group may consider the group rating issued to a certified reinsurer for purposes of assigning a reinsurance collateral rating to a certified reinsurer for purposes of passporting, and under what circumstances may such a group rating be utilized.

Certified Reinsurance — Public Notices

Related NAIC Publications

Contacts

Reinsurance (E) Task Force

 

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.

2017 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 new Term and Universal Life Insurance Reserve Financing Model Regulation.

  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 and Model #786.

  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 and the Federal Insurance Office Act, and coordinate any appropriate NAIC action.

The following Working Groups report to the Reinsurance Task Force:

Reinsurance (E) Task Force
Key Documents

Document Description
Credit for Reinsurance Model Law (#785)
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, 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)
Revised Credit for Reinsurance Model Regulation (#786) adopted by NAIC 11-06-11 On November 6, 2011, 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
XXX/AXXX Credit for Reinsurance Model Regulation

XXX/AXXX Credit for Reinsurance Model Regulation Draft (February 2016 Draft)

On June 21, 2016, the Task Force exposed the revised Model Regulation, along with the Drafting Group’s memorandum detailing the recommended proposal, for a comment period ending July 20, 2016.

Drafting of the XXX/AXXX Credit for Reinsurance Model Regulation: Key Discussion Topics Memorandum – Summer 2015 National Meeting

Comment Letters Received: XXX/AXXX Credit for Reinsurance Regulation Draft– February 2016 Draft
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 (1.1.15)

 

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.