Filed Under:Markets, Gen X Y

NAIC wants captive transactions review board

The operations would be handled by the Financial Analysis Working Group

California Insurance Commissioner Dave Jones (AP Photo/Rich Pedroncelli)
California Insurance Commissioner Dave Jones (AP Photo/Rich Pedroncelli)

The National Association of Insurance Commissioners (NAIC) is going further to address solvency concerns regarding the use of captives by life insurers.

The regulatory group is contemplating a system where regulators review certain captive transactions, collect data and express any concerns or recommendations to the state regulatory and a key reserving NAIC task force.

Likewise, Rhode Island Banking and Insurance Superintendent Joe Torti III, who chairs the Captives and SPV Subgroup, and ushered through passage of the Captive and Special Purpose Vehicle White Paper on the use and regulation of captives last month said he also just learned of these charges. 

William P. White, the District of Columbia’s insurance, banking and securities commissioner, who serves on the Federal Advisory Committee on Insurance (FACI) at the Treasury’s Federal Insurance Office (FIO), and chairs a working group there on captives, said he was not able to attend the South Dakota roundtable meeting.

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Nichole Morford

Nichole Morford
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