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NAIC Fiscal Open for Comment

NAIC Fiscal Open for Comment

AUSTIN, Texas (Dec. 10, 2019) — The National Association of Insurance Commissioners (NAIC) released a Budget and Fiscal Impact Statement (BFIS) for a two-week comment period. The fiscal is in regards to a Principle-Based Reserving yearly renewable term (YRT) reinsurance study. 

The proposed study is intended to provide information needed to develop a permanent solution to address an inconsistency in company interpretations regarding the modeling of YRT reinsurance. Once completed, the adopted permanent solution will be incorporated into the Valuation Manual

The NAIC Joint Executive (EX) Committee/Internal Administration (EX1) approved the study and public comment period at the Fall National Meeting in Austin, Texas. A vote to approve the fiscal is expected in January 2020

Information about this project is available on www.naic.org. Comments on the BFIS are due to jwoody@naic.org by Dec. 24, 2019. 

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

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