YERMONT. January 15, 2009
|
|
- Gladys Cross
- 5 years ago
- Views:
Transcription
1 State of Vermont Department of Banking, Insurance, Securities and Health Care Administration 89 Main Street Montpelier, Vf Consumer Assistance Only: insurance: Health Care Admin.: Securities: January 15, 2009 Mr. Dan Swanson. Senior [nsurance Reporting Analyst NAlC Executive Headquarters 2301 McGee Street, Suite 800 Kansas City. MO RE: Capital Adequacy Task Force- Risk Retention Group RBC Proposal Dear Mr. Swanson: As requested by the Capital Adequacy Task Force, please find Vermont's comments regarding the proposed Risk Retention Group RBC sensitivity test as follows: Sensitivity Test Calculation Vermont's RRGs record letters of credit and deferred acquisition costs on the balance sheet of the Annual Statement as "aggregate write-ins for other than invested assets". In doing so, the aggregate write-ins get recorded on the RBC Statement on page PRO ll (line 15) and have a 5% factor applied. which in the end effects the Total RBC calculation. In the Sensitivity Test, these assets are being removed in order to compute a new Adjusted Capital for the Sensitivity Test. It appears that the RRG is therefore being penalized twice for the same as::.ets, unce in computing RBC (5%), and then again in computing Adjusted Capital (1 00%). The same situation appears to apply to the difference between GAAP and S.AJ> investments. The investments will already have a factor applied, depending on the type of investments, which in the end effects the Total RBC calculation. By then removing the difference between GAAP and SAP in the Sensitivity Test, it appears the company is being penalized twice. Permitted Practices The Sensitivity Test appears to be adjusting for items that are considered permitted practices by the state of domicile. Since RRGs are not the only Annual Statement filers that have permitted practices, 1 suggest that the test be renamed from ' Sensiti vity Test - Risk Retention Groups' to something like ''Sensitivity Test - Permitted Practices". Why not have a Sensitivity Test that readjusts Adjusted Capital for all permitted practices or deviations from SAP, and is applicable to all 0 YERMONT Banking Insurance Captive Insurance Health Care Admin
2 insurance companies? Since Note I to the Annual Statement already requires a reconciliation for permitted practices for all companies, maybe the Sensitivity Test should also take into account all prescribed practices for all companies. Instead of having to manually input the. three adjusting items as presented, maybe a company could just manually input the net GAAP to SAP differences that are already disclosed in the required Note 1 reconciliation (although I realize that loss reserve discounting and certain other items may already be adjusted out of Adjusted Capital on Page PR026). Although this suggestion may appear to create a more level playing field for all companies it does not resolve the problem as described previously, that the company may be being penalized twice for the same items. The reconciling items may be penalizing the company in computing RBC, and then again in computing Adjusted Capital. Swnmary To change the calculations of the RBC Report to correctly adjust for all permitted practices may be more of a problem than previously anticipated. I understand that as a Vermont regulator of RRGs I may be overly sensiti ve to the Sensitivity Test. On the other band I feel that the permitted practice assets are already being applied an RBC factor in computing RBC, in a manner consistent with other assets. All permitted practices are also being reflected in the Note 1 reconciliation. and the adjusted surplus on a SAP basis is already being fully disclosed. Thank you for the opportunity to comment on the Risk Retention Group RBC Proposal. Feel free to call me at (802) should you have any additional questions. s~~ Peter Raymond, CPA, CFE Director of Captive Insurance
3 January 20, 2009 Mr. Dan Swanson, Senior Insurance Reporting Analyst NAIC Executive Headquarters 2301 McGee Street, Suite 800 Kansas City, MO Re: Capital Adequacy Task Force- Risk Retention Group RBC Proposal Dear Mr. Swanson, Thank you for the opportunity to provide comments to the Capital Adequacy Task Force regarding the proposed Risk Retention Group (RRG) Risk Based Capital (RBC) sensitivity test. The Vermont Captive Insurance Association with its 500+ members hosts the largest RRG membership of domicile associations in the United States. The State of Vermont domicile licenses the largest number of RRGs in the country. Our comments reflect Vermont's success in regulating RRGs for more than twenty years. As stated by Pete Raymond, Vermont's Director of Captive Insurance, in his communication of January 15, 2009, it appears that the proposal related to the RBC calculation for RRGs may penalize the organization twice for the same assets. It also seems that RRGs would be treated differently when Note 1 to the Annual Statement already requires a reconciliation for permitted practices for all companies.
4 Vermont has conducted its oversight of RRGs during the last two plus decades with great care and thoughtful recognition of how RRGs must operate to carry out their important purposes. Based on the Vermont regulators' observations as stated in the January 15th communication, we ask that the Capital Adequacy Task Force consider carefully the negative impact of the proposed "Sensitivity Test- Risk Retention Groups". Thank you again for the opportunity to comment. Sincerely, Molly Lambert President
5 Unknown From: O'Donnell, Sean Sent: Wednesday, January 28, :56 PM To: Swanson, Dan D. Subject: RE: Current exposure items for RRGs Hi Dan. I know the comment deadline has passed, but I just found this buried on my desk and wanted to get a comment out to you. DC does not believe that letters of credit (line 18) should be subtracted from "TAC" (line 14) to arrive at the "TAC for RRG Sensitivity Test" (line 21). LOCs are allowed to be counted towards capital by RRGs by a number of jurisdictions, including DC. LOCs represent a readily available source of funds that can be accessed very quickly by the Commissioner if needed. In some respects LOCs are more secure than other sources of capital such as cash, securities, and other assets that make up a company's capital because these other assets can be expended, lose value, or be depleted for other reasons. LOCs are widely recognized in the traditional insurance industry as acceptable collateral for various transactions. Thus they are essentially already counted towards "capital" for some traditional companies. For example, a company may not be afforded credit for certain unsecured reinsurance recoveries, but those same reinsurance recoveries could be counted as capital by the company if the recoveries were secured by an LOC. Regards, Sean O'Donnell. P. Sean O'Donnell Director of Financial Examination Risk Finance Bureau D. C. Department of Insurance, Securities and Banking 1400 L Street, NW, Suite 400 Washington, DC Phone Fax
New Laws and Regulations in Washington, DC
New Laws and Regulations in Washington, DC 1 NAIC Part A Accreditation Standards Examination Authority Capital and Surplus Requirement NAIC Accounting Practices and Procedures Corrective Action Valuation
More informationState of New Jersey DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ
PHIL MURPHY Governor SHEILA OLIVER Lt. Governor State of New Jersey DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ 08625-0325 TEL (609) 292-5350
More informationAnnual statements for years 2012 and prior did not provide sufficient granular data for us to perform similar analyses.
April 15, 2016 Mr. Patrick McNaughton Chair, Health Risk-Based Capital Working Group National Association of Insurance Commissioners 2301 McGee Street, Suite 800 Kansas City, MO 64108-2662 Re: Recommendation
More informationReport of the Joint Risk-Based Capital Work Group To the NAIC Risk-Based Capital (E) Task Force Atlanta March 2003
Report of the Joint Risk-Based Capital Work Group To the NAIC Risk-Based Capital (E) Task Force Atlanta March 2003 The American Academy of Actuaries is the public policy organization for actuaries practicing
More informationCaptive Affiliate Line Category
Captive Affiliate Line Category For the purpose of reporting a reinsurer as captive affiliate on Schedule S (or F), the captive affiliate line categories shall include Affiliated Non-Traditional Insurers/Reinsurers
More informationTHIS SESSION WILL USE POLLING!
THIS SESSION WILL USE POLLING! (To access in an internet browser, go to vcia.cnf.io) Click on the Polling Icon on the VCIA app Click on your session Respond to the Polls HOW TO USE SOCIAL Q&A! (To access
More informationBureau of Captive and Financial Insurance Products
Bureau of Captive and Financial Insurance Products Delaware Captive Insurance Association Fall Forum September 20, 2016 Steve Kinion Director, Delaware Insurance Department Delaware is the 3 rd Largest
More informationState of New Jersey DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ
PHIL MURPHY Governor SHEILA OLIVER Lt. Governor State of New Jersey DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ 08625-0325 TEL (609) 292-5350
More informationSTATE REGULATION OF CAPTIVE REINSURANCE TRANSACTIONS
ZZ STATE REGULATION OF CAPTIVE REINSURANCE TRANSACTIONS Dan Schelp, Managing Counsel Josh Arpin, Sr. Accounting and Reinsurance Policy Advisor 1 Attention APIR, PIR, or SPIR Designees This presentation
More informationINTRODUCTION TO THE P&C STATUTORY ANNUAL STATEMENT
INTRODUCTION TO THE P&C STATUTORY ANNUAL STATEMENT The Basics 2014 IASA Ohio Conference Pam Horvath, CFE Nationwide Insurance Overview Objective To provide a high-level walkthrough of the Property & Casualty
More informationIASA Texas Chapter. Summer Conference Insurance Accounting Update July 29, 2016
IASA Texas Chapter Summer Conference 2016 Insurance Accounting Update July 29, 2016 Introduction Plante Moran s Insurance Services Team 1 Andrew L. Rouse, CPA, Senior Manager Andrew.Rouse@plantemoran.com
More informationOffice of Insurance Regulation MEMORANDUM
Office of Insurance Regulation MEMORANDUM DATE: December 31, 2017 TO: FROM: SUBJECT: Life and Health Fraternal Societies Financial Statement Contact Person Carolyn Morgan, Director Life & Health Financial
More informationBureau of Captive and Financial Insurance Products
Bureau of Captive and Financial Insurance Products Delaware Captive Insurance Association Spring Forum May 9, 2017 Steve Kinion Director, Delaware Insurance Department Delaware is the 3 rd Largest U.S.
More informationRECEIVERSHIP MODEL LAW (E) WORKING GROUP Thursday, October 14, :00 p.m. to 3:30 p.m. (Central) ROLL CALL
Date: 10/13/14 Conference Call RECEIVERSHIP MODEL LAW (E) WORKING GROUP Thursday, October 14, 2014 2:00 p.m. to 3:30 p.m. (Central) ROLL CALL Texas, Chair Illinois Ohio Arkansas Iowa Utah California Massachusetts
More informationNAIC POLICY STATEMENT ON FINANCIAL REGULATION STANDARDS
NAIC POLICY STATEMENT ON FINANCIAL REGULATION STANDARDS Part A: Laws and Regulations Preamble The purpose of the Part A: Laws and Regulations Standards is to assure that an accredited state has sufficient
More informationTexas FAIR Plan Association
Statutory Financial Statements and Supplemental Information Years Ended December 31, 2014 and 2013 Contents Accountants letter of qualifications 3-4 Independent auditors report 5-6 Statutory financial
More informationMEMORANDUM. Financial Regulation Standards and Accreditation (F) Committee. Julie Garber, Senior Manager Solvency Regulation. DATE: November 4, 2015
-- MEMORANDUM TO: FROM: Financial Regulation Standards and Accreditation (F) Committee Julie Garber, Senior Manager Solvency Regulation DATE: November 4, 2015 RE: Proposed Revisions to Part A and Part
More informationthe National Association of Insurance Commissioners Property Risk-Based Capital Working Group March 2010
2010 Update to P/C Risk-Based Capital Underwriting Factors Presented to the National Association of Insurance Commissioners Property Risk-Based Capital Working Group March 2010 This report was prepared
More informationNEW JERSEY CAPTIVE ANNUAL REPORT FORM INSTRUCTIONS
NEW JERSEY CAPTIVE ANNUAL REPORT FORM INSTRUCTIONS A. GENERAL INSTRUCTIONS This New Jersey Captive Annual Report Form (NJCARF) is an Excel spreadsheet that is to be used by all pure, group, and sponsored
More informationLIFE RISK-BASED CAPITAL (E) WORKING GROUP Monday, March 9, :00 PM ET / 12:00 PM CT / 11:00 AM MT / 10:00 AM PT ROLL CALL
Date: 3/6/15 Conference Call LIFE RISK-BASED CAPITAL (E) WORKING GROUP Monday, March 9, 2015 1:00 PM ET / 12:00 PM CT / 11:00 AM MT / 10:00 AM PT ROLL CALL Mark Birdsall, Chair Kerry Krantz, Vice Chair
More informationModernization In Insurance Regulation
Modernization In Insurance Regulation Larry J. Bruning FSA, MAAA Chief Actuary Kansas Insurance Department lbruning@ksinsurance.org September 2006 1 Key Elements of Change Reserve & Capital Calculation
More informationMaine Employers Mutual Insurance Company. MEMIC Indemnity Company. MEMIC Casualty Company
Maine Employers Mutual Insurance Company Financial Statements page 2 MEMIC Indemnity Company Financial Statements page 43 MEMIC Casualty Company Financial Statements page 80 Maine Employers Mutual Insurance
More informationMAINE EMPLOYERS MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2013 AND 2012
MAINE EMPLOYERS MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2013 AND 2012 Index Page(s) Report of Independent Auditors... 1 2 Financial Statements - Statements of Admitted
More informationIntroduction to the P&C Statutory Annual Statement
Introduction to the P&C Statutory Annual Statement The Basics 2016 IASA Ohio Conference Pam Horvath, CFE Nationwide Insurance Overview Objective To provide a high-level walkthrough of the Property & Casualty
More informationMarch 2, Dear Mr. Altmaier:
March 2, 2016 Mr. David Altmaier Director, Property & Casualty Financial Oversight Florida Office of Insurance Regulation Chairman, Group Capital Calculation (E) Working Group Via email to JGarber@naic.org
More informationReport of Statutory Examination As of December 31, Terrafirma Risk Retention Group LLC. by the
Report of Statutory Examination of Terrafirma Risk Retention Group LLC NAIC Company Code #14395 License #00965 by the Vermont Department of Financial Regulation Captive Insurance Division The attached
More informationFebruary 6, Dear Ms. Vullo:
February 6, 2018 Reinsurance Task Force Chair Maria T. Vullo National Association of Insurance Commissioners VIA Email Transmission: Jake Stultz (jstultz@naic.org), RE: NAMIC Comments Bilateral Agreement
More informationStatutory Financial Statements. December 31, 2015 and With Independent Auditors Report
Statutory Financial Statements With Independent Auditors Report TABLE OF CONTENTS Independent Auditors Report 1-2 Statutory Financial Statements Statements of Admitted Assets, Liabilities and Surplus -
More informationMaine Employers Mutual Insurance Company. Financial Statements (Statutory Basis) December 31, 2016 and 2015
Maine Employers Mutual Insurance Company Financial Statements December 31, 2016 and 2015 Index Page(s) Independent Auditor s Report... 1 2 Financial Statements - Statements of Admitted Assets, Liabilities
More informationCaptive Insurance Division" "
Tennessee Department of Commerce & Insurance Captive Insurance Division Michael A. Corbett Director Tennessee Captive Insurance Company! September 12, 2012 Agenda! A. Commerce & Insurance B. Regulatory
More informationState of New Jersey DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ
PHIL MURPHY Governor SHEILA OLIVER Lt. Governor State of New Jersey DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ 08625-0325 TEL (609) 292-5350
More informationNAIC Fall Meeting. December Issues & Trends. kpmg.com/us/frv
NAIC Fall Meeting December 2017 Issues & Trends kpmg.com/us/frv Contents Meeting highlights... 1 Investments... 8 Principle-based reserving... 12 Variable annuities... 13 Group capital calculation... 15
More informationStatutory Basis Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc.
Statutory Basis Financial Statements and Report of Independent Certified Public Accountants Massachusetts Catholic Self-Insurance Group, Inc. Contents Page Report of Independent Certified Public Accountants
More informationFilings: An original hardcopy CARF and other required documents must be filed along with an electronic copy of the completed CARF.
NORTH CAROLINA DEPARTMENT OF INSURANCE Form C-200 Captive Annual Report Form Instructions (All captive insurers except association captive insurers and risk retention groups) A. GENERAL INSTRUCTIONS This
More informationSetting Loss Reserves What You Don t Know Can Hurt You
Setting Loss Reserves What You Don t Know Can Hurt You Robert L. Johnson, Marsh Paul J. Struzzieri, Milliman, Inc. Magali Welch, Johnson Lambert & Co. Monday, March 8 th 3:10 4:30 PM Components of Loss
More informationMay Link Richardson, CERA, FSA, MAAA, Chairperson
Recommended Approach for Updating Regulatory Risk-Based Capital Requirements for Interest Rate Risk for Fixed Annuities and Single Premium Life Insurance (C-3 Phase I) Presented by the American Academy
More informationPart I: Accreditation Standards and the Related Models
Updated: March 27, 2018 Part I: Accreditation Standards and the Related Models Standard Cited Model Law Date Adopted as Standard Requirement Required Version Comments 1. Examination Model Law on Examinations
More informationReference Guide Captives Other Than Risk Retention Groups Updated as of September 2012
Department of Insurance State of Arizona Captive Insurance Division Telephone: (602) 364-4490 Facsimile: (602) 364-3989 Reference Guide Captives Other Than Risk Retention Groups Updated as of September
More informationRe: Comments re: Large Deductible Subgroup Proposal for State Page Reporting
January 15, 2007 Ms. Sarah McNair-Grove, Chair Workers Compensation Large Deductible Subgroup Casualty Actuarial (C) Task Force National Association of Insurance Commissioners 2301 McGee Street, Suite
More informationSeattle Public Schools The Office of Internal Audit
Seattle Public Schools The Office of Internal Audit Internal Audit Report Central Administration Cash Handling and Deposits Issue Date: September 13, 2016 Internal Audit Report Central Administration Cash
More informationALPS Property & Casualty Insurance Company
ALPS Property & Casualty Insurance Company Statutory Financial Statements and Supplemental Schedules (With Independent Auditor s Report Thereon) December 31, 2014 and 2013 Contents Independent Auditor
More informationAttachment Seven. Proposed Definition of Multi-State Reinsurer
Attachment Seven Proposed Definition of Multi-State Reinsurer To: Director John M. Huff (MO) Chair, Financial Regulation Standards and Accreditation (F) Committee From: Daniel Schelp, Managing Counsel
More informationRe: NAIC Property and Casualty Reinsurance Study Group s Proposed Changes to Reinsurance Interrogatories
June 7, 2005 Mr. Joseph Fritsch, Chairman Property and Casualty Reinsurance Study Group National Association of Insurance Commissioners 2301 McGee Street, Suite 800 Kansas City, MO 64108-2604 Re: NAIC
More informationHealth Care Receivables Follow-up Study
Health Care Receivables Follow-up Study Session 29PD Health Annual Statement New Exhibit 3A Health Care Receivables Follow-up Study F. Kevin Russell, FSA, MAAA Chairperson, Health Care Receivables Factors
More informationALPS Corporation and Subsidiaries. Consolidated Financial Statements (With Independent Auditor s Report Thereon) December 31, 2017 and 2016
ALPS Corporation and Subsidiaries Consolidated Financial Statements (With Independent Auditor s Report Thereon) December 31, 2017 and 2016 Contents Independent auditor s report 1 Financial statements Consolidated
More informationALPS Corporation and Subsidiaries
Consolidated Financial Statements (with Independent Auditor s Report Thereon) The nation s largest direct writer of lawyers malpractice insurance. 2016 ALPS Corporation and Subsidiaries Contents Independent
More informationNAIC Investment Updates Summer 2016 National Meeting Overview
NAIC Investment Updates Summer 2016 National Meeting Overview September 13, 2016 Diana Gallinger, CPA Product Owner, NAIC Clearwater Analytics Robert Lindsay, CPA Insurance Reporting Manager Clearwater
More informationJanuary 9, RE: Surplus Lines Interested Parties Requested Comments. Dear Ms. Donovan:
January 9, 2013 Ms. Cindy Donovan, Chair NAIC Surplus Lines Task Force Eligibility (C) Subgroup Indiana Department of Insurance 311 West Washington Street, Suite 103 Indianapolis, IN 46204-2787 Sent via
More informationBLUE CROSS AND BLUE SHIELD OF VERMONT. Statutory Financial Statements. December 31, 2017 and (With Independent Auditors Report Thereon)
Statutory Financial Statements (With Independent Auditors Report Thereon) KPMG LLP One Park Place 463 Mountain View Drive, Suite 400 Colchester, VT 05446-9909 Independent Auditors Report The Board of Directors
More informationJuly 17, Kevin Fry Chair, Investment Risk-Based Capital (E) Working Group National Association of Insurance Commissioners.
July 17, 2018 Kevin Fry Chair, Investment Risk-Based Capital (E) Working Group National Association of Insurance Commissioners Dear Kevin, The C1 Work Group (CIWG) of the American Academy of Actuaries
More informationNorth Carolina Joint Underwriting Association
North Carolina Joint Underwriting Association Statutory Financial Statements and Supplemental Schedules (with Independent Auditor s Report Thereon) December 31, 2013 Contents Independent Auditor s Report
More informationJanuary 30, Dear Mr. Seeley:
January 30, 2014 Alan Seeley Chair, SMI RBC Subgroup National Association of Insurance Commissioners 2301 McGee Street, Suite 800 Kansas City, MO 64108-2662 Dear Mr. Seeley: The American Academy of Actuaries
More informationDisclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures
Statutory Issue Paper No. 77 Disclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures STATUS Finalized March 16, 1998 Original SSAP and Current Authoritative Guidance: SSAP No. 1
More informationC1 Work Group Updated Recommendation of Corporate Bond Risk-Based Capital Factors
July 24, 2017 Via email to: jgarber@naic.org Kevin Fry Chair, Investment Risk-Based Capital (E) Working Group National Association of Insurance Commissioners c/o Julie Garber, Senior Manager Solvency Regulation
More informationContingent Deferred Annuities Solvency & Risk Management Issues
Contingent Deferred Annuities Solvency & Risk Management Issues Cande Olsen, Vice President, Life Practice Council Contingent Annuity Work Group (CAWG) American Academy of Actuaries June 27, 2012 All Rights
More informationAmerican Life & Security Corp.
Statutory Financial Statements and Supplemental Schedules December 31, 2015 and 2014 (With Independent Auditors Report Thereon) Contents Independent Auditors Report 1 Statutory Financial Statements Statutory
More informationStatutory Basis Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc.
Statutory Basis Financial Statements and Report of Independent Certified Public Accountants Massachusetts Catholic Self-Insurance Group, Inc. Contents Page Report of Independent Certified Public Accountants
More informationTREASURER S REPORT ACEC BOARD OF DIRECTORS MEETING SCOTTSDALE, AZ OCTOBER 27, 2013
I. FISCAL YEAR 13 AUDIT: TREASURER S REPORT ACEC BOARD OF DIRECTORS MEETING SCOTTSDALE, AZ OCTOBER 27, 2013 The ACEC annual audit conducted by the CPA firm CliftonLarsonAllen gave the Council a clean bill
More informationFlorida 4-H Annual Financial & Tax Reporting Guide Required Procedures to Maintain Tax Exempt Status for Your County 4-H Program
Florida 4-H Annual Financial & Tax Reporting Guide Required Procedures to Maintain Tax Exempt Status for Your County 4-H Program For County 4-H Agents And CEDs 2018 Edition { Legend Accompanying document
More informationDowns Rachlin Martin PLLC Captive Insurance Update Issue No
Downs Rachlin Martin PLLC Captive Insurance Update Issue No. 1 2017 Developments in Vermont Changes at the Top 2016 Formation Data 2017 Captive Legislation Affordable Housing Tax Credits Amended Regulations
More informationAccreditation Program Manual SEG/IAR Form
TE: Tracked changes to the self-evaluation guide/interim annual review are to ensure consistency with the changes proposed to the Review Team Guidelines. a) Sufficient Qualified Staff and Resources PART
More informationState of New Jersey DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ
CHRIS CHRISTIE Governor KIM GUADAGNO Lt. Governor State of New Jersey DEPARTMENT OF BANKING AND INSURANCE DIVISION OF INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ 08625-0325 TEL (609)
More information2018 NAIC QUARTERLY STATEMENT INSTRUCTIONS HEALTH JAN 2018 REVISIONS
2018 NAIC QUARTERLY STATEMENT INSTRUCTIONS HEALTH JAN 2018 REVISIONS PAGE 50 & 73: NOTES TO FINANCIAL STATEMENTS Revision: Modify the language of the Note 8 disclosure and add 8H to the required disclosure
More informationDepartment of Insurance State of Arizona Captive Insurance Division Telephone: (602) Facsimile: (602)
Department of Insurance State of Arizona Captive Insurance Division Telephone: (602) 364-4490 Facsimile: (602) 364-3989 JANICE K. BREWER 2910 North 44 th Street, Suite 210 GERMAINE L. MARKS Governor Phoenix,
More informationStatutory Financial Statements and Report of Independent Certified Public Accountants MASSACHUSETTS CATHOLIC SELF-INSURANCE GROUP, INC.
Statutory Financial Statements and Report of Independent Certified Public Accountants TABLE OF CONTENTS Page Report of Independent Certified Public Accountants 1-2 Statutory Financial Statements Statutory
More informationStatistical Compilation. of Annual Statement Information for Life/Health Insurance Companies in 2010
Statistical Compilation of Annual Statement Information for Life/Health Insurance Companies in 2010 Statistical Compilation of Annual Statement Information for Life/Health Insurance Companies in 2010
More informationStatutory Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants
Statutory Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants CONNECTICUT ATTORNEYS TITLE INSURANCE COMPANY TABLE OF CONTENTS Page Report of Independent
More informationREGULATORY ELECTRONIC FILING SYSTEM
REGULATORY ELECTRONIC FILING SYSTEM FOR FILINGS DUE IN 2014 Fraternal Societies FLORIDA DEPARTMENT OF FINANCIAL SERVICES OFFICE OF INSURANCE REGULATION LIFE & HEALTH FINANCIAL OVERSIGHT M E M O R A N D
More informationStrategic Risk Analysis for the purposes of Analyzing Surplus Requirements for Sample Company by. SIGMA Actuarial Consulting Group, Inc.
ASt r at egi cri s kanal ys i s f or Sampl ecompany Pr epar edby SI GMAAct uar i alcons ul t i nggr oup,i nc. Strategic Risk Analysis for the purposes of Analyzing Surplus Requirements for Sample Company
More informationPROPOSED REGULATION OF THE COMMISSIONER OF INSURANCE LCB FILE NO. R188-18I. The following document is the initial draft regulation proposed
PROPOSED REGULATION OF THE COMMISSIONER OF INSURANCE LCB FILE NO. R188-18I The following document is the initial draft regulation proposed by the agency submitted on 06/29/2018 --1-- PROPOSED PERMANENT
More informationRegulatory Analysis Form
Regulatory Analysis Form (1) Agency Insurance Department (2) ID. Number (Governor's Office Use) (3) Short Title Miscellaneous Provisions (4) PA Code Cite 31 Pa. Code, Chapter 147 (6) Type ofrulemaking
More information2014 NAIC QUARTERLY STATEMENT INSTRUCTIONS TITLE DEC 2013 REVISIONS
2014 NAIC QUARTERLY STATEMENT INSTRUCTIONS TITLE DEC 2013 REVISIONS PAGE 40: NOTES TO FINANCIAL STATEMENTS Revision: Add Working Capital Finance Investments to list of required quarterly disclosures Reason:
More informationDemystifying Premium Deficiency Reserves
August 2013 Article By: Magali L. Welch, CPA, CA, AIAF, Partner with Johnson Lambert, Jessica Lasher, CPA, Senior Manager with Johnson Lambert and Erich A. Brandt, FCAS, MAAA, Consulting Actuary with Pinnacle
More informationRE: Comments on Schedule M-3 with the Objective of Reducing Burden and Duplication
Ms. Heather Maloy Commissioner Internal Revenue Service Large Business and International Division Mint Building 801 Ninth Street, NW M4-313 Washington, D.C. 20001 RE: Comments on Schedule M-3 with the
More informationOFFICERS Name Title Name Title 1. Glorimar Rivero President 2. Mary Letty Hernandez Treasurer 3. Maria S. Toledo Secretary 4.
PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION *30953201420100100* ANNUAL STATEMENT For the Year Ended December 31, 2014 of the Condition and Affairs of the NAIC Group Code...626, 626 NAIC Company
More informationOffice of Insurance Regulation M E M O R A N D U M
Office of Insurance Regulation M E M O R A N D U M DATE: February 5, 2016 TO: FROM: SUBJECT: Life and Health Insurance Companies and Accredited Reinsurers - Financial Statement Contact Person Carolyn Morgan,
More informationHILLCREST INSURANCE COMPANY
REPORT ON EXAMINATION OF HILLCREST INSURANCE COMPANY GAINESVILLE, FLORIDA AS OF DECEMBER 31, 2008 BY THE OFFICE OF INSURANCE REGULATION TABLE OF CONTENTS LETTER OF TRANSMITTAL... - SCOPE OF EXAMINATION...
More information1111 Constitution Avenue, NW 1111 Constitution Avenue, NW Washington, DC Washington, DC 20224
Mr. Daniel Werfel Acting Commissioner Chief Counsel Internal Revenue Service Internal Revenue Service 1111 Constitution Avenue, NW 1111 Constitution Avenue, NW Washington, DC 20224 Washington, DC 20224
More informationOffice of Insurance Regulation M E M O R A N D U M
Office of Insurance Regulation M E M O R A N D U M DATE: December 31, 2017 TO: FROM: SUBJECT: Life and Health Insurance Companies and Accredited Reinsurers Filing on the Life Blank - Financial Statement
More informationJohn Roberts, Managing Partner Assurance Brian Kilbane, Senior Manager Assurance
December 2015 DHG s NAIC 2015 Fall Meeting Newsletter John Roberts, Managing Partner Assurance Brian Kilbane, Senior Manager Assurance Kevin Lee Ryals, Partner Assurance David Berry, Manager Assurance
More informationNATIONAL GRANGE MUTUAL INSURANCE COMPANY AND INSURANCE SUBSIDIARIES
NATIONAL GRANGE MUTUAL INSURANCE COMPANY AND INSURANCE SUBSIDIARIES CONSOLIDATED STATUTORY BASIS FINANCIAL STATEMENTS AS OF DECEMBER 31, 2003 AND 2002 TOGETHER WITH REPORT OF INDEPENDENT AUDITORS National
More informationWhat can the European Captive Industry Learn from the U.S.?
What can the European Captive Industry Learn from the U.S.? Captive Live UK London, 23 January 2015 Steve Kinion Director, Delaware Insurance Department Delaware is the 3 rd Largest U.S. Captive Domicile
More informationOriginal SSAP and Current Authoritative Guidance: SSAP No. 66
Statutory Issue Paper No. 66 Accounting for Retrospectively Rated Contracts STATUS Finalized June 23, 1998 Original SSAP and Current Authoritative Guidance: SSAP No. 66 Type of Issue: Common Area SUMMARY
More informationPlease contact Bill Rapp assistant director of Public Policy at the Academy, if you have any questions.
July 25, 2014 Mike Boerner, Chair Life Actuarial Task Force National Association of Insurance Commissioners Dear Mike, The attached revisions to AG33 are the result of a request from the NAIC s Life Actuarial
More informationStatutory Financial Statements June 30, 2015 and 2014
Statutory Financial Statements www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Statutory Financial Statements Statutory Statements of Admitted Assets, Liabilities and Policyholders
More informationBackground Information
March 16, 2018 Mr. Philip Barlow Chair, National Association of Insurance Commissioners (NAIC) Life Risk-Based Capital (E) Working Group Dear Philip, The RBC Tax Reform Work Group (TRWG) of the American
More informationWashington State Health Insurance Pool
AUDITED FINANCIAL STATEMENTS Washington State Health Insurance Pool Years ended December 31, 2016 and 2015 with Report of Independent Auditors Audited Financial Statements Years ended December 31, 2016
More informationANNUAL STATEMENT OF THE
ANNUAL STATEMENT OF THE of in the state of Omaha Nebraska TO THE Insurance Department OF THE FOR THE YEAR ENDED December 31, 2009 TITLE 2009 ANNUAL STATEMENT For the Year Ended December 31, 2009 OF THE
More informationNorth Carolina Joint Underwriting Association. Statutory Financial Statements With Independent Auditor s Report Thereon September 30, 2012 and 2011
North Carolina Joint Underwriting Association Statutory Financial Statements With Independent Auditor s Report Thereon September 30, 2012 and 2011 Contents Independent Auditor s Report 1 2 Financial Statements
More informationNAIC 2015 Spring Meeting
Issues & Trends In Insurance April 2015, No. 15-3 NAIC 2015 Spring Meeting National Association of Insurance Commissioners (NAIC) groups continued to discuss initiatives related to captives and special
More informationDave Sandberg, FSA, MAAA Vice President, Life Practice Council
March 2007 1 Life Practice Council Status Report to the NAIC Principles-Based Reserving (EX) Working Group March 12, 2007 Dave Sandberg, FSA, MAAA Vice President, Life Practice Council March 2007 2 Key
More information1111 Constitution Avenue, NW Internal Revenue Service. Re: Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns
The Honorable David J. Kautter Acting Commissioner Commissioner Internal Revenue Service Large Business & International Division 1111 Constitution Avenue, NW Internal Revenue Service Washington, DC 20224
More informationChoosing and Using Credit Cards
A LifeCare Guide Choosing and Using Credit Cards Chances are you ve gotten your share of preapproved credit card offers in the mail, some with low introductory rates and other perks. Many of these solicitations
More informationORSA for Captives. Vermont Captive Insurance Association 2013 Annual Conference. Moderator: Sandy Bigglestone, Director of Captive Insurance, VT DFR
ORSA for Captives Vermont Captive Insurance Association 2013 Annual Conference Moderator: Sandy Bigglestone, Director of Captive Insurance, VT DFR Panelist: Joelle Hren, VP, American Excess Insurance Exchange
More informationNAIC Summer 2018 National Meeting Update
NAIC Summer 2018 National Meeting Update Table of Contents NAIC Summer 2018 National Meeting Update... 1 Administrative symbol changes... 1 Policy loans... 1 Bank loans... 1 Reporting NAIC designations
More informationOxford Health Plans (NY), Inc.
Oxford Health Plans (NY), Inc. Statutory Basis Financial Statements as of and for the Years Ended December 31, 2014 and 2013, Supplemental Schedules as of and for the Year Ended December 31, 2014, Independent
More informationHEALTH RISK-BASED CAPITAL (E) WORKING GROUP
Date: 2/10/15 Conference Call HEALTH RISK-BASED CAPITAL (E) WORKING GROUP Thursday, February 12, 2015 3:00 p.m. ET / 2:00 p.m. CT / 1:00 p.m. MT / 12:00 noon PT 11:00 a.m. Alaska / 10:00 a.m. Hawaii ROLL
More information2016 Statutory Accounting Changes Year in Review
2016 Statutory Accounting Changes Year in Review 2014-25 41R Surplus Notes Surplus notes with an NAIC designation of 1 or 2 from a credit rating provider (CRP) will be measured at amortized cost. All other
More informationHealth Insurance Exchange Plan Management
Health Insurance Exchange Plan Management Exchange Plan Management, the NAIC and SERFF: Learning How the Pieces Fit Kelly McCumber, Product Specialist II Jon Sink, Business Analyst II The NAIC, SERFF and
More informationBANK OF AMERICA MERRILL LYNCH 2018 INSURANCE CONFERENCE New York, NY
BANK OF AMERICA MERRILL LYNCH 2018 INSURANCE CONFERENCE New York, NY Dennis Glass President and Chief Executive Officer February 15, 2018 2018 Lincoln National Corporation STRONG FINANCIAL RESULTS IN 2017
More information