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Captive Insurance Actions and Financial Statement Noted in NAIC Annual Report

Cyberrisk
April 25, 2016

The National Association of Insurance Commissioners (NAIC) has issued its 2015 Annual Report, titled To Serve & Protect in the Digital Age.

One of the operational highlights cited in the report is the symposium on the "Regulation of Captives" conducted by the Center for Insurance Policy and Research (CIPR) in the fall of 2015. 

The Financial Regulation section of the report highlights the NAIC action taken on use of captives by life insurers. The Financial Regulation and Standards Committee (F) adopted changes to its preamble that require states to subject captives that assume XXX or AXXX business from US ceding insurers to the full scope of the required laws and regulations in the accreditation program.

Captive managers should also note the increased focus the NAIC is placing on cyber security. Data breaches in the insurance sector were the impetus for the NAIC increasing its focus on cyber security in 2015, according to the report. The NAIC expended $1.2 million on its operational cyber security enhancements, the report states. This included hiring a chief technology officer and seven cyber security staff members, the report says. 

The 2015 financial statement reflects annual revenues of $94.6 million and expenses of $95.8 million, a deficit of $1.3 million. The NAIC had total 2015 unrestricted net assets of $114.4 million at 2015 year-end.

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