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ARTICLE · 28 OCTOBER 2020

NAIC Draft Would Add Group Capital Calculation To Holding Company Requirements

Herbert Smith Freehills Kramer LLP
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The National Association of Insurance Commissioners (NAIC) is proposing to add its new group capital calculation (GCC) requirement to the existing Insurance Holding Company

United StatesInsurance
Ann Kalodis
Ann Kalodis
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The National Association of Insurance Commissioners (NAIC) is proposing to add its new group capital calculation (GCC) requirement to the existing Insurance Holding Company Systems Model Act (Holding Company Act). On Oct. 20, 2020, the NAIC's GCC Working Group circulated the latest version of these Holding Company Act amendments to interested parties for review and comment by Oct. 30. These include amendments to the regulations issued under the Holding Company Act (the Insurance Holding Company Systems Model Regulation, or Holding Company Regulation).

Insurers, in particular groups of insurers with operations that straddle the U.S. and other countries, should monitor these amendments and consider the new reporting requirements that could be imposed by them.

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