The NAIC would like to thank the 2,338 attendees for joining us at the 2019 Summer National Meeting in New York and we hope you'll make plans to join us in Austin in December.
Executive (EX) Committee
NAIC Executive (EX) Committee adopted meeting minutes and task force reports. It then adopted two model law requests, one related to pet insurance and the other regarding pharmacy benefit managers. It also adopted amendments to the Health Maintenance Organization Model Act (#430). They heard updates on State Ahead strategic plan implementation and reports from the National Insurance Producer Registry (NIPR) and Interstate Insurance Product Regulation Commission.
NAIC Plenary adopted meeting minutes and task force reports. It also adopted a number of items, including:
- Valuation Manual amendments.
- Revisions to Actuarial Guideline XLIII—CARVM for Variable Annuities (AG 43).
- Regulator’s Guide to Pet Insurance.
- Mental health parity guidance.
- Private Flood Data Call and Definitions for the Market Conduct Annual Statement (MCAS).
In addition, the Plenary Committee received reports from each of the lettered committees.
During the NAIC 2019 Summer National Meeting, the Property and Casualty (C) committee adopted a model law request related to pet insurance. Prior to the meeting, the group drafted a white paper on pet insurance.
The white paper provides an overview of the pet insurance market, industry trends, coverage options and regulatory concerns. The white paper provides excellent information for consumers and for the Pet Insurance Working Group as they begin drafting the model law.
Year-end 2018 was the first year that U.S .insurers were required to report bank loans as separate line items in their annual statement filings. Eric Kolchinsky (Director, NAIC Structured Securities and Capital Markets) of the NAIC's SVO presented on the insurance industry’s exposure to leveraged Loans and CLOs on Sunday August 4, 2019.
The NAIC consumer representatives are pleased and grateful to present the 2019 Excellence in Consumer Advocacy Award to James Regalbuto, the Deputy Superintendent for Insurance at the New York Department of Financial Services. With this award, the consumer representatives express our heartfelt appreciation for to James for his work on behalf of consumers here at the NAIC and in New York.
As Deputy Superintendent for Life Insurance in New York for many years, James has been active in identifying and solving a variety of consumer protection issues for consumers of life insurance and annuities.
The NAIC Financial Regulation Standards and Accreditation (F) Committee voted to accredit the departments of Montana, Pennsylvania and Utah. Accredited insurance departments undergo comprehensive, independent review every five years to ensure they meet financial solvency oversight standards.
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