Latest Naic Headlines
All the headlines from our Naic Topic Page, ordered by recency.
NAIC Committee Votes to Forbid Indemnification of Auditors by Their Mutual Audit Clients
Dec 18 2001 // In a firm gesture that told the accounting profession to face its responsibility in annual audits of mutual companies, an NAIC committee with jurisdiction over such audits has voted to forbid indemnification of auditors by...
NAIC Postpones Decision on Public Release of Individual Company Data
Dec 17 2001 // A committee of The National Association of Insurance Commissioners (NAIC) postponed adoption of model law amendments that would allow aggregate insurance company information to be released publicly, but left to state...
Top 10 Stories of 2001
Dec 17 2001 // Recollections and Renewal: Looking Back at 2001 with an Eye to the Future This is the year that was. It is one that many people will be glad to see come to an end because the new year always brings hope—for a rebirth,...
Property and Casualty Commercial Rate and Policy Form Model Law Approved
Dec 14 2001 // State insurance commissioners have advanced a model law to modernize commercial rate and form filings, with final approval possible in the spring. A working group of the National Association of Insurance Commissioners...
NAMIC to Urge NAIC to Prohibit Auditor Indemnification
Dec 7 2001 // The National Association of Mutual Insurance Companies (NAMIC) will again urge the NAIC to prohibit auditor indemnification in engagements with mutual insurance companies. NAMIC’s Manager of Financial Regulation,...
NAMIC Outraged at 2002 NAIC Data-Base Fees
Nov 16 2001 // A “precipitous increase” in proposed 2002 NAIC data-base fees compels the National Association of Mutual Insurance Companies (NAMIC) to express its “justifiable outrage” and call for restraint,...
NAIC ADOPTS RE MODEL ACT
Nov 12 2001 // The National Association of Insurance Commissioners recently adopted the Special Purpose Reinsurance Vehicle (SPRV) Model Act. The act will provide a template for states to create legislation that will enable onshore...
Lloyd’s Prepares for NAIC Audit
Nov 7 2001 // Lloyd’s is preparing to meet with representatives of the NAIC and the accounting firm Arthur Andersen to lay out the parameters for the audit of its reinsurance liabilities in conformity with the NAIC’s...
NAIC SPRV Model Provides Added Tool to Manage Risk for Natural Catastrophes
Nov 5 2001 // The National Association of Insurance Commissioners’ (NAIC) adoption of the Special Purpose Reinsurance Vehicle (SPRV) Model Act will provide a template for states to create legislation that will enable onshore...
NAIC Adoption of Special Purpose Reinsurance Vehicle Model Act Aids States
Nov 2 2001 // (NAIC) adoption of the Special Purpose Reinsurance Vehicle (SPRV) Model Act will provide a template for states to create legislation that will enable onshore securitization of insurance risk for natural catastrophes. The...
NAIC Outlines Principles for Federal Role in Terrorist Insurance Coverage
Oct 29 2001 // In Congressional testimony, National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Kathleen Sebelius outlined the NAIC’s suggested role for the federal government in...
Time-Tested Lloyd’s Turns to Address U.S. Disaster Losses
Oct 29 2001 // Lloyd’s of London, the world’s oldest and most visible insurer, has set about dealing with the aftermath of the terrorist attacks of Sept. 11. Two weeks after the event, it released its projected net loss...
Lloyd’s, NAIC Report Compromise
Oct 26 2001 // Lloyd’s and the National Association of Insurance Commissioners have reportedly reached a compromise on the deposit Lloyd’s must make to the reinsurance trust fund to guarantee payments of its estimated claims...
NAIC Withdraws Lloyd’s 60% Funding Deal
Oct 25 2001 // On Tuesday The National Association of Insurance Commissioners reversed its previous decision to permit Lloyd’s to deposit 60 percent, rather than 100 percent, of the amount normally required into its U.S....
NAIC Meets in Washington to Discuss Sept. 11 Aftermath
Oct 24 2001 // Six weeks following the attacks on New York and Washington, insurance companies and regulators are still working on a plan to make sure future terrorist strikes are covered. According to a report in the South Florida...
NAIC To Probe Lloyd’s Solvency After WTC Attacks, Relaxes Fund Requirements
Oct 16 2001 // The National Association of Insurance Commissioners intends to conduct an in depth audit of Lloyd’s financial condition following the attacks on the World Trade Center. The investigation will focus on Lloyd’s...
NAIC Reassures Congress in Aftermath of Terrorist Attacks
Oct 2 2001 // National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Kathleen Sebelius told Congress that the American insurance industry is financially able to withstand the pressures created...
NAIC Donates $10,000 to Honor Former NY Ins. Superintendent Lost in Disaster
Sep 27 2001 // In an act of remembrance, the National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Kathleen Sebelius announced the association is donating $10,000 to the Neil D. Levin...
NAIC To Hold Summit to Discuss Terrorist Attacks
Sep 26 2001 // The National Association of Insurance Commissioners (NAIC) will hold a summit on Oct. 22-24 to discuss in greater depth the insurance issues related to the recent terrorist attacks. The summit will be held at the Omni...
NAIC Agrees with Congressional Committee’s Stance Regarding Sept. 11 Tragedy
Sep 25 2001 // The National Association of Insurance Commissioners (NAIC) announced on Sept. 20 it will work collaboratively with Rep. Mike Oxley, chair of the House Financial Services Committee, and other members of the Finance...
