NAIC Adopts Process for Reviewing Qualified Jurisdictions

The National Association of Insurance Commissioners has adopted a process to evaluate the reinsurance supervisory systems of non-U.S. jurisdictions for reinsurance collateral-reduction purposes.The revisions made to the Credit for Reinsurance Model Law and Regulation will require an assuming insurer to be licensed and domiciled in a qualified jurisdiction in order to be eligible for certification by a state as a certified reinsurer. Louisiana Insurance Commissioner Jim Donelon, the NAIC’s president, said the adoption of the process brings the NAIC closer to achieving its goal of reducing...