NAIC Spring 2018 National Meeting
March 24-27, 2017

FSOC Insurance Expert Confirmed

The NAIC congratulates Thomas Workman on his confirmation as the Independent Member with Insurance Expertise for the Financial Stability Oversight Council (FSOC). We look forward to working with Workman to ensure FSOC actions are compatible with the insurance regulatory framework, and that attempts to stem systemic risk are handled with appropriate recognition of the states as the primary insurance regulators and protectors of insurance consumers.  

We also thank and commend Roy Woodall, who Mr. Workman succeeds, for his 6 1/2 years of service as the first FSOC Independent Member with Insurance Expertise. We wish him well with his future endeavors.

NAIC Encourages Health Market Stabilization in Spending Bill

NAIC urges Congressional support for health insurance market stabilization reforms and applauds the Senate leaders who have worked across the political aisle to advance them.  If Congress does not act to stabilize health insurance markets, continued uncertainty regarding federal funding, the health of the risk pool, and regulatory requirements will result in even higher premiums and, possibly, fewer carriers participating on the exchange – perhaps even bare counties.

UPDATE: P/C Actuarial Opinion Instructions With Revised Qualified Actuary Definition

In August 2017 the NAIC, in collaboration with a consultant, began a Job Analysis Project to revise requirements for the Property/Casualty (P/C) Statement of Actuarial Opinion ("Actuarial Opinion") using an evidence-based definition of a "Qualified Actuary." The resulting proposed instructions incorporate an expanded definition of "Qualified Actuary" based largely on the results of the Job Analysis Project, with the addition of professionalism requirements.

The instructions with definition were exposed for a 45-day comment period ending Feb. 12. The comments are posted here, along with a memorandum addressing the instructions and proposed next steps.