A Focus on the International Developments with respect to Covered Agreements/Reinsurance Collateral, Solvency II Equivalence, Systemic Risk, Corporate Governance, and ComFrame

July 26, 2016 8:00am

Roland C. Goss
Managing Shareholder
Carlton Fields Jorden Burt, P.A.

Hugh T. McCormick
Duane Morris LLP

Francine L. Semaya
Legal and Insurance Regulatory Consultant

Stephen Broadie
Vice President, Financial Policy

  • Have there been any major moves toward resolving reduced reinsurance collateral issue between US and Europe?
  • What criteria do reinsurers from non-US qualified jurisdictions need to show to be deemed “certified” for reduced collateral requirements?
  • What are the issues surrounding the “passporting” of certified reinsurers to other jurisdictions once they are certified in one US state? How has the NAIC been working on these issues?
  • What is the latest on the US/FIO’s pursuit of a covered agreement with the EU addressing reinsurance collateral requirements for non-US reinsurers?
  • Concerns about federal preemption of state law via a covered agreement
  • Impact of Solvency II’s formal implementation on the current and future status of reinsurance collateral requirements
  • Assessing the challenges and benefits of Europe’s Solvency II regime following its formal January 1, 2016 implementation
  • What challenges are being faced by the US insurers due to the lack of harmonization of insurance regulation across jurisdictions?
  • Update on possible temporary/provisional Solvency II equivalence for the US and what is on the horizon for internationally active insurance companies in 2016/2017?
  • Taking a look at the revised list of global systemically important insurers issued at the end of 2015
  • What has the IAIS done to look at its methodology and criteria for determining who are global systemically important insurers? Has the criteria significantly changed?
  • MetLife and its challenge with the SIFI status
  • Prudential and its challenges associated with corporate restructuring in order to be removed from the SIFI list
  • What is the latest on the ComFrame project?
  • The impact of developing ComFrame on risk management and supervisory colleges