Network with Captive Review on LinkedIn

Follow Captive Review on Twitter

RSS

21st of May 2013

FIO asked to review NAIC’s authority

Vicky Beckett 13/07/2012

The director of the Federal Insurance Office has been asked to implement a report on whether the National Association of Insurance Commissioners (NAIC) is a viable regulatory body.
 
Representative Edward Royce of the FIO has written to Michael McRaith, director of the FIO, asking to clarify the role of the NAIC.
 
Royce (pictured) asked whether it is inconsistent for the NAIC to say it does not present itself as having regulatory authority and also state that is performs regulatory activities.
 
“If the NAIC is to play a significant role in our nation’s regulatory structure going forward do you believe its self-imposed rules on transparency and oversight […] are consistent with a world class organisation?” Royce asked.
 
Royce also asked the FIO whether reforms needed to be made to improve the NAIC’s transparency and oversight of its budget and open meeting policy.
 
This letter followed a previous letter from Royce to the NAIC asking it to explain it role. Royce argued: “Much of the NAIC’s work seems to be done behind closed doors.
 
“Serious questions arise when the actions listed above are taken by an organisation with a $70m budget that does not follow any open meeting laws.”
 
He accused the NAIC of making misleading statements regarding its processes.
 
“It is my hope that your pending FIO report on insurance modernisation will kick off a comprehensive discussion of the future of insurance regulation in the US,” Royce wrote to McRaith.

Tags:

Captive Insurance Database (CID)is the world's most comprehensive online source of captive market intelligence.

CID gives users instant access to the names of parent companies who currently own a captive. It also provides the names and contact details of captives’ risk managers, as well as the parent or ultimate parent companies’ address, country, CFO, CEO, and exchange.

CID also gives you the captive name, manager, licence and incorporation date and the type of captive the parent company is running.

CID will help you to:

•    Win more business proactively – Search from 5,700 captives and over 3,700 captive owners who you can offer your services to.


•    Increase profit and efficiency – Target specific captive owners and sponsors quicker, saving you time.


•    Build relationships
Access detailed contact information for each decision-maker. 

An annual CID licence costs just £1,195 + VAT.

Already a CID user?Login here.

Order a 2 year subscription and SAVE 25%
The licence includes full online access to CID and a free annual hardcopy of CID (worth £610).To find out more contact Nick Byrne on +44 (0) 20 7
832 6589 or n.byrne@captivereview.com.

more//

Company and Ratings Search

Search A.M. Best's extensive database of life/health, property/casualty and insurance companies worldwide.

more//

Cell Company Guide

WELCOME TO THE Captive Review Cell Company Handbook –our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.

more//

Pellentesque feugiat arcu vitae lacus elementum in ullamcorper diam pulvinar. In odio massa, facilisis sed dignissim vel, vehicula ac diam. Curabitur tempor, quam nec aliquam tempus, dui lorem venenatis arcu

Mauris accumsan orci ut turpis placerat condimentum. Ut sit amet lobortis purus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

CID

Unlimited access to the Captive Review Data Centre

the definitive global captive network at your fingertips £1,195 p.a. Buy now | Search preview