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Posts Tagged ‘NAIC

SAN FRANCISCO ?The National Association of Insurance Commissioners Property & Casualty Committee chairman said the panel will begin exploring how to gather data on insurers’ use of credit information to determine premiums.

The committee would like to collect information and develop a report on the controversial credit scoring issue by the third quarter of 2010, according to Illinois Insurance Director and Committee Chair Michael Read the rest of this entry »

SAN FRANCISCO ?A National Association of Insurance Commissioners working group has drafted recommendations as to how the organization should deal with its reliance on national rating agencies to evaluate insurers? investments.

Although the NAIC Valuation of Securities Task Force has moved forward with its own rating agency initiatives regarding residential mortgage backed securities, the Rating Agency Working Group has continued Read the rest of this entry »

The National Association of Insurance Commissioners Valuation of Securities Task Force has adopted economic assumptions regulators will use to reevaluate residential mortgage-backed securities.

The assumptions were released in a discussion draft on Nov. 25 and voted on Dec. 2 in a conference call.

The assumptions summarize a presentation made by Pacific Investment Management Co. LLC (PIMCO) and the NAIC Securities Valuation Office Read the rest of this entry »

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The National Association of Insurance Commissioners has posted a discussion draft outlining the economic assumptions regulators will use to reevaluate residential mortgage backed securities.

NAIC?s draft summarizes a presentation made by PIMCO and the NAIC Securities Valuation Office to the Valuation of Securities Task Force.

PIMCO was selected by NAIC Nov. 17 as a third party Read the rest of this entry »

MINNEAPOLIS —The nation’s insurance regulators have pressed insurance trade organizations for specifics on how use of credit in determining rates affects certain groups of people, and criticized the answers for not being specific enough.

Their comments came at a joint committee hearing during the National Association of Insurance Commissioners Summer Meeting, here.

NAIC’s Property and Casualty, and Market Regulation Read the rest of this entry »

MINNEAPOLIS —Insurance trade groups have told the nation’s insurance regulators the work of financial rating firms is unsatisfactory, but it’s not a job the regulators should attempt.

At the National Association of Insurance Commissioners Summer Meeting industry liaison session here, both regulators and industry representatives agreed there are concerns about how rating agencies have performed leading up to the financial crisis. Read the rest of this entry »

INDIANAPOLIS – A set of rules adopted by the National Association of Insurance Commissioners (NAIC) that requires insurance companies to disclose information related to climate change serves mainly to promote the ideological objectives of global warming activists, according to a briefing paper published by the Washington Legal Foundation. The paper, “Mandated ‘Climate Risk’ Disclosure: Turning Professional Activists into Insurance Inspectors,” Read the rest of this entry »

Credit scoring supporters and detractors were making their arguments at a hearing today before the National Association of Insurance.

The session was held jointly by the NAIC Property-Casualty Committee and the Market Regulation and Consumer Affairs Committee in Crystal City, Va.

The NAIC Executive Committee authorized the two committees to go ahead with the hearing at the NAIC Spring Meeting last month in San Diego.

Florida Read the rest of this entry »

Former Iowa Insurance Commissioner Therese M. (Terri) Vaughan, Ph.D., has been named CEO of the National Association of Insurance Commissioners, effective Feb. 18, 2009.

Vaughan replaces Catherine J. Weatherford, who left the NAIC in July 2008. Andrew Beal, who served as acting executive vice president and CEO in the interim, has been promoted to chief operations officer. Beal also will continue to serve as the NAIC?s chief legal officer.

Read the rest of this entry »

Former Iowa Insurance Commissioner Therese M. (Terri) Vaughan, Ph.D., has been named CEO of the National Association of Insurance Commissioners, effective Feb. 18, 2009.

Vaughan replaces Catherine J. Weatherford, who left the NAIC in July 2008. Andrew Beal, who served as acting executive vice president and CEO in the interim, has been promoted to chief operations officer. Beal also will continue to serve as the NAIC?s chief legal Read the rest of this entry »