Ramón Cruz Colón
Puerto Rico
Insurance Commissioner

The NAIC announced the State Based Systems (SBS) implementation for Puerto Rico.

“We believe our licensees, companies and consumers will see immediate benefits through their use of the SBS online resources,” said Ramón Cruz Colón, Puerto Rico Insurance Commissioner. “In addition, SBS implementation will enhance our ability to participate in current and future NAIC uniformity initiatives in an efficient and cost-effective manner. This will enable us to provide new services to our licensees and now allow them to conduct and manage many functions online.”

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The NAIC announced the release of its 2008/2009 Auto Insurance Database Report, which provides the average costs associated with personal automobile insurance nationwide.

Developed by the Casualty Actuarial and Statistical Task Force of the NAIC's Property and Casualty Insurance Committee, the report features state-by-state auto insurance data designed to provide necessary information and analysis to insurance regulators, consumers and policymakers.

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Therese M. (Terri) Vaughan, Ph.D.
NAIC Chief
Executive Officer

The Joint Forum's parent organizations, the
Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS), have announced the appointment of Dr. Therese M. Vaughan as Chair of the Joint Forum. This two-year appointment is effective January 1, 2012.

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Eleanor Kitzman
Texas Insurance Commissioner

The NAIC released a Draft Framework that outlines an approach for evaluating the reserves for a category of life insurance products. The Joint Working Group of the NAIC’s Life Insurance and Annuities Committee and the Financial Condition Committee was created
to address the issues surrounding Actuarial Guideline XXXVIII (AG 38) and statutory reserve requirements for insurers offering universal life with secondary guarantee (ULSG) and term universal life (UL) products.

Full Story | Joint A and E Working Group

Many baby boomers may be toying with the idea of early retirement in the new year. For some in this age group, a lifetime of working means a good pension and benefits after they leave the day-to-day grind, but more and more companies are converting retirement benefits, leaving the boomer generation in the precarious position of finding alternative health insurance coverage. If you are considering early retirement or need to consider retirement health insurance options, the NAIC offers these tips for where to look and what to consider in your decision.

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