May 10, 2008
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 Hot Topics!
Well Attended Meeting in Hawaii Was Lead By
Regulatory & Legislative Interest Group!

Moderated by Rick Jones, CPCU, President of SCF Premier Insurance Company, a crowd of 70 heard the latest on several regulatory and legislative hot topics. Panelists Bryan Fuller, CPCU, ARe, Senior Reinsurance Manager for the National Association of Insurance Commissioners (NAIC) and Eric Nordman, CPCU, CIE, Director of Research for the NAIC presented information on several subjects. Mr. Fuller talked about the history of reinsurance regulation and discussed how the credit for reinsurance transactions has become the cornerstone of the regulatory framework for reinsurers today. He discussed how collateralization requirements imposed by U.S. regulators have become a controversial issue for non-U.S. reinsurers. He described possible changes being considered to the regulatory framework for reinsurers, including a proposal to implement a Reinsurance Evaluation Office in the U.S. to recognize financial strong non-U.S. reinsurers.



Mr. Nordman did double duty during the seminar. He served as substitute for Raymond Spudeck, Ph.D. and discussed how the Florida Legislature has addressed coastal insurance issues. He advised that sweeping legislative reforms were intended to stabilize Florida's property insurance market by expanding the capacity of the Florida Hurricane Catastrophe Fund and expanding the offerings of Florida's Citizens Property Insurance Corporation. Mr. Nordman also discussed the NAIC's current national natural catastrophe plan and explained how it might work to address mega-catastrophe losses. Mr. Nordman discussed a variety of federal legislative proposals and presented graphs showing how U.S. regulatory jurisdictions stack up with other countries. Attendees learned that four of the top ten world insurance markets are U.S. states (California, New York, Florida and Texas). U.S. States represent eight of the top 20 insurance markets and 26 of the top 50 insurance markets worldwide. Mr. Nordman discussed proposals to implement an optional federal charter, renewal of the Terrorism Risk Insurance Act and various natural disaster proposals during his presentation.


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CPCU SOCIETY
The Professional Association for Chartered Property Casualty Underwriters
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