Insurance Department Proposes Amending Reinsurance Rules to Adopt NAIC Model Reg

The California Department of Insurance is proposing incorporating a National Association of Insurance Commissioners’ model regulation into state rules governing reinsurance. The department is proposing to incorporate into its reinsurance oversight rules NAIC Model Regulation No. 787, known as the Term and Universal Live Insurance Reserve Financing Model Regulation. “The broad objectives of the proposed amendments and additions to the reinsurance oversight regulations are to increase consumer protection and to provide clarification of regulatory oversight procedures, and requireme...