ARTICLE · 21 OCTOBER 2015

IREG Update - October 16, 2015

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The Federal Insurance Office in its September 2015 "Annual Report on the Insurance Industry" criticizes state insurance regulators for inadequate efforts to develop consistent captive reinsurance standards.

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The Federal Insurance Office in its September 2015 "Annual Report on the Insurance Industry" criticizes state insurance regulators for inadequate efforts to develop consistent captive reinsurance standards.

Revisiting its recommendations made in a December 2013 report, titled " How to Modernize and Improve the System of Insurance Regulation in the United States" (2013 Modernization Report), the Federal Insurance Office (FIO) criticized state insurance regulators for not addressing all transactions between life insurers and reinsurance captives.

The FIO noted that the National Association of Insurance Commissioners (NAIC) has been moving forward with a new principles-based reserving (PBR) method to calculate reserves for life insurance products, which relies upon an insurer's individualized risk modeling to more closely tailor reserving calculations to an insurer's actual

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