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HAPPY DAYS ARE HERE AGAIN?

VIEWS: 10 PAGES: 3

The Democratic National Convention in Denver, CO, is something that must be witnessed. This convention rests on a fulcrum of history fro the Democratic Party. There are certain parallels between this Democratic convention and the author's experience at the NAIC. For most of the NAIC's history, the association's value depended on whether consensus could be reached between Illinois-based insurance interests and New York-based insurance interests that are respectively represented by the Illinois and New York Insurance Departments. Furthermore, the Democratic convention has been known to make declarative statements regarding insurance regulation in the US. Coming out of its convention, the NAIC trumpeted a set of proposals that the group insists on calling the Solvency Modernization Work Plan. In addition, the Work Plan analyzes the potential impact that Solvency II might have on US insurers, focusing on the following areas: capital requirements; international accounting; group supervision; valuation issues; and reinsurance.

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