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When SIIA member Kevin Doherty volunteered to represent the organization at meetings of the National Association of Insurance Commissioners (NAIC) he had no idea that it would prompt the ironic proverb that no
good deed goes unpunished.
Kevin, a partner in the Nashville law firm Nelson Mullins, who has long
served SIIA in ART leadership roles, has found himself embroiled in a major
controversy as the NAIC moves to require some captives to observe the
same regulatory reporting requirements as traditional insurance companies.
In this case I’m a “glass half-empty” kind of guy believing that the current
NAIC incursion is just the camel’s nose poking under the tent flap, and that
soon would follow broader transparency applications to more – perhaps all
– of ART. The end result could be the wipeout of all the U.S. ART world.
“In essence, the NAIC is proposing a redefinition of multi-state
reinsurance that would make captives subject to multi-state accreditation
standards and treat them like traditional insurers,” Kevin says. “This is
unnecessary because captives only conduct direct business in their state of
domicile, and it would defeat the purpose of being a captive.”
Being under no obligation for diplomacy, I can point out that the NAIC
going back at least ten years has had ART in its cross hairs, first in the case
of risk retention groups, then trying (unsuccessfully) to regulate stop-
loss insurance, and now attempting nationwide state regulation of large
reinsurance contracts such as those used by life insurance companies. Next
they could broaden their focus to all of ART, and would the last captive
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Your risk is as unique as your business. After all, medical risk is constantly in flux. Markets change and so do opportunities. Over the past twenty years, we have grown and evolved across multiple lines of business and geographies. This means that while we possess the expertise, scope and scale to protect against a wide array of risks, we continue to focus on only one. Yours. To see how our experience and insight can work for you, visit: www.partnerre.com/risk-solutions/health
Your risk is a unique combination of factors. Shouldn’t your solution be too?
Underwritten by PartnerRe America Insurance Company Executive Office: 199 Fremont St., San Francisco, CA 94105Form H0214 03/2014
Your risk is as unique as your business. After all, medical risk is constantly in flux. Markets change and so do opportunities. Over the past twenty years, we have grown and evolved across multiple lines of business and geographies. This means that while we possess the expertise, scope and scale to protect against a wide array of risks, we continue to focus on only one. Yours. To see how our experience and insight can work for you, visit: www.partnerre.com/risk-solutions/health
Your risk is a unique combination of factors. Shouldn’t your solution be too?
Underwritten by PartnerRe America Insurance Company Executive Office: 199 Fremont St., San Francisco, CA 94105Form H0214 03/2014
Your risk is as unique as your business. After all, medical risk is constantly in flux. Markets change and so do opportunities. Over the past twenty years, we have grown and evolved across multiple lines of business and geographies. This means that while we possess the expertise, scope and scale to protect against a wide array of risks, we continue to focus on only one. Yours. To see how our experience and insight can work for you, visit: www.partnerre.com/risk-solutions/health
Your risk is a unique combination of factors. Shouldn’t your solution be too?
Underwritten by PartnerRe America Insurance Company Executive Office: 199 Fremont St., San Francisco, CA 94105Form H0214 03/2014