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Reinsurance (E) Task Force

2020 Membership

2021 Proposed 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, 2016 and 2019 revisions to the Credit for Reinsurance Model Law (#785), the 2011 and 2019 revisions to the Credit for Reinsurance Model Regulation (#786), and the Term and Universal Life Insurance Reserve Financing Model Regulation (#787).
  5. Communicate and coordinate with the Federal Insurance Office (FIO), and other federal authorities and international regulators and authorities on matters pertaining to reinsurance.
  6. Consider any other issues related to the revised Model #785, Model #786 and Model #787.
  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 (NRRA) and the Federal Insurance Office Act, and coordinate any appropriate NAIC action.
  9. Continue to monitor the impact of reinsurance-related international agreements, including the "Bilateral Agreement Between the European Union and U.S. on Prudential Measures Regarding Insurance and Reinsurance" (Covered Agreement), and the Covered Agreement between the U.S. and the United Kingdom.

2020 Charges

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 NAIC groups—specifically, the International Insurance Relations (G) Committee.

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, 2016 and 2019 revisions to the Credit for Reinsurance Model Law (#785); and the 2011 and 2019 revisions to the Credit for Reinsurance Model Regulation (#786) and the Term and Universal Life Insurance Reserve Financing Model Regulation (#787).
  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, Model #786 and Model #787.
  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 (NRRA) and the Federal Insurance Office Act, and coordinate any appropriate NAIC action.
  9. Continue to monitor the impact of reinsurance-related international agreements, including the “Bilateral Agreement Between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance” (EU Covered Agreement) and the “Bilateral Agreement Between the United States of America and the United Kingdom on Prudential Measures Regarding Insurance and Reinsurance” (UK Covered Agreement).

The following Working Groups report to the Reinsurance Task Force:

 

KEY DOCUMENTS OF THE REINSURANCE (E) TASK FORCE

Certified Reinsurance - Public Notice

Credit for Reinsurance Model Law (#785)

On June 25, 2019, the NAIC Executive (EX) Committee and Plenary adopted revisions to the Credit for Reinsurance Model Law (#785) which incorporate relevant provisions of the Bilateral Agreement Between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance ("Covered Agreement"). Prior adopted revisions to the model are included as a reference.

Credit for Reinsurance Model Regulation (#786)

On June 25, 2019, the NAIC Executive (EX) Committee and Plenary adopted revisions to the Credit for Reinsurance Model Regulation (#786) which incorporate relevant provisions of the Bilateral Agreement Between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance ("Covered Agreement"). Prior adopted revisions to the model are included as a reference.

Term and Universal Life Insurance Reserve Financing Model Regulation (#787)

On December 13, 2016, the NAIC Executive (EX) Committee and Plenary adopted the Term and Universal Life Insurance Reserve Financing Model Regulation (#787).

Process for Evaluating Qualified and Reciprocal Jurisdictions

On December 10, 2019, the NAIC Executive (EX) Committee and Plenary adopted revisions to the Process for Evaluating Qualified and Reciprocal Jurisdictions to incorporate the 2019 revisions to Model #785 and Model #786. These revisions serve to reduce reinsurance collateral requirements for certified reinsurers that are licensed and domiciled in Qualified Jurisdictions.

NAIC List of Reciprocal Jurisdictions

Summary of Findings and Determination for Reciprocal Jurisdictions

NAIC List of Qualified Jurisdictions

Summary of Findings and Determination for Reciprocal Jurisdictions

Certified Reinsurers

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.

RTF 11.17 Meeting - Fall Business

Public Webex Meeting
Tuesday, November 17, 2020
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT Expected Length of Call: 1 hr
Webex Link

The purpose of this meeting is to consider the adoption of meeting minutes, receive working group reports, and discuss the adoption progress for Model #785 and Model #786 by the state legislatures. The meeting agenda and materials will be distributed when available.


Reinsurance (E) Task Force

2020 Summer National Meeting
Reinsurance (E) Task Force
Thursday, August 06, 2020
3:00 PM - 4:00 PM CT

2019 REVISIONS TO THE CREDIT FOR REINSURANCE MODELS – STATE ADOPTION STATUS
Related NAIC Publications

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Jake Stultz
Senior Accounting and Reinsurance Policy Advisor
816-783-8481

Dan Schelp 
Chief Counsel, Regulatory Affairs
816-783-8027

Please see the current Committee List for a complete list of committee members.