Industry News
August 17, 2010
NAIC Looks at Holding Companies Rules
The NAIC is looking at changing the Model Insurance Holding Company System Regulatory Act and its regulations. Any recommended changes would have to be enacted by California to be effective. The intent is to increase regulatory supervision to better identify risks to an affiliated group of insurers within a holding company based on contagion risks. The recent turmoil in holding companies such as AIG has caused a concern that risks by one family member or a holding company can adversely impact the entire family. New reporting of risks and increased examination authority is at the heart of the proposal.
