NAIC to Conduct Survey on Access to Reinsurance Data on Behalf of FIO
At the Spring Meeting of the National Association of Insurance Commissioners (NAIC), the NAIC Reinsurance Task Force announced that the Federal Insurance Office (FIO) requested that the NAIC conduct a survey on access to reinsurance data. The request is tied to Section 313(o)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) which requires FIO to submit an updated report by January 1, 2015 to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs on the impact of the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) on the ability of State regulators to access reinsurance information for regulated companies in their jurisdictions. The NAIC has not yet released any details on how it plans to conduct the survey.
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