NAIC Report: 2024 Fall National Meeting

The 2024 Fall National Meeting (the “Fall National Meeting”) of the National Association of Insurance Commissioners (the “NAIC”) was held from November 16 to November 19, 2024 in Denver, Colorado.

In his final opening session as NAIC President, Connecticut Insurance Commissioner Andrew Mais referred to the following central themes of his presidency, noting that they will continue to be regulatory priorities: the NAIC’s efforts to close coverage gaps for consumers and to strengthen the solvency of insurers through its financial initiatives.

Highlights from the Fall National Meeting include:

• The Life Actuarial (A) Task Force reached consensus on aspects of its proposed guideline requiring asset
  adequacy analysis for certain life reinsurance transactions.
• Executive and Plenary adopted an amendment to the P&P Manual that authorizes regulator discretion to
  exclude a security from the automated filing exemption process if the exemption is based on a CRP rating that
  does not provide a reasonable assessment of investment risk.
• VOSTF directed the SVO to begin to deactivate private rating securities issued after January 1, 2022 that do
  not have a corresponding rating rationale report on file with the SVO, consistent with amendments to the P&P
  Manual that were adopted in 2021.

To read the full version of this client alert, please click here.