NAIC approves two 2022 fiscal years – InsuranceNewsNet

Targeted News Service (Press Releases)

KANSAS, Missouri, June 25 — The National Association of Insurance Commissioners issued the following press release:

The National Association of Insurance Commissioners (NAIC) announced that two budget impact statements related to the 2022 budget have been approved by the NAIC Internal Administration (EX1) and the Executive Committee (EX) of the NAIC at a joint meeting held on June 21, 2022.

The approved taxes are:

* Variable Annuity Model Office – This exercise requires professional services to obtain a model office to perform reserve and capital scenario calculations for a representative portfolio of in-force variable annuity products and registered indexed annuities, support and hedging strategy assets. A model office is a portfolio of variable annuity insurance liabilities with a range of different underlying product characteristics together with a corresponding portfolio of supporting invested assets with a range of different investment characteristics; thus, it is modeled to produce a range of representative reserves and capital results. The model office would also facilitate independent scenario analysis and provide a point of comparison to assess the reasonableness of individual participants’ results in the Economic Scenario Generator (ESG) field tests.

* Disaster Modeling Center of Excellence – This exercise requires funding to establish a Disaster Modeling Center of Excellence (Center) in the NAIC Insurance Policy and Research Center and includes two NAIC staff to staff the center, as well as travel, training, and data modeling expenses. The Center will provide state insurance regulators with access to disaster modeling knowledge, insights and tools to better assess and address natural and man-made disaster risk and resilience issues.

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Original text here:

Valerie J. Wallis