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Potential Regulatory Changes

dakota-huff avatar
dakota-huff
9 diapositives · 222 Views · Nov 06, 2014

This document addresses potential regulatory changes related to the Holding Company Act, particularly focusing on the Own Risk and Solvency Assessment (ORSA) and principles-based reserving (PBR). Key aspects include the introduction of legislation requiring insurers with over $500 million in direct premium to file an ORSA Summary Report and the adoption of PBR among states. The assessment of risks and regulatory oversight will evolve, emphasizing a comprehensive risk management framework. Important timelines and coordination among states will also be discussed.

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Potential Regulatory Changes
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  1. Potential Regulatory Changes Holding Company Act (Chapter 13) Own Risk and Solvency Assessment Principle Based Reserving

  2. Holding Company Act • Needed for Accreditation • Draft legislation • Introduce legislation this fall

  3. Significant Changes • Enterprise risk report • Supervisory colleges • Potential for consolidated public hearings • Transactions – Form D filings

  4. ORSA Who will need to file an ORSA Summary Report: • Insurers with more than $500 million in direct and unaffiliated assumed written premium • Insurance groups with more than $1 billion in direct and unaffiliated assumed written premium

  5. Overview • Must maintain risk management framework • Conduct assessment annually • Follow NAIC ORSA Guidance Manual • Submit ORSA Summary Report to regulators • Highly confidential document

  6. Principles-Based Reserving • DIFS favors adoption of principles-based reserving • ACLI has drafted language for amendments to Chapter 8 of the Michigan Insurance Code • Operative when 42 states representing 75% of total U.S. premium has adopted PBR • Valuation Manual provides three-year transition period

  7. Analysis/Examination Process • ORSA and Form F (enterprise risk report) will assist in focusing exams and analysis on prospective risks more than financial statements • More insight and information for analyst • Assist examiners in examination planning and focusing on procedures around the risk areas • More reliance on the lead state • Risk-focused exam/analysis processes will continue to evolve • Possibly more frequent targeted exams

  8. Lead State • One lead state • Coordinated holding company review • Coordinated examinations • Supervisory colleges

  9. Future Items Being Monitored • Corporate governance activities • Requirement for internal audit function (over $500 million in premium) • Annual filing due June 1 • Captives • International standards