It has begun in earnest. A reconsideration of the NAIC Model Investment Law. And, in the current regulatory and financial environment, it is easy to expect over done and/or misguided results ahead. Here’s the background: In the mid-1990s, over the course of four to five years, I had the pleasure of being part of the insurance industry’s.
With the latest slight improvement in that most political economic lagging indicator called the US unemployment rate, economic pundits are forced to take one or both sides of the argument. Resolved, the US recession is over. Though you may never see a formal debate format as indicated by such resolution, the issue here is real..
In one of Charles Dickens’ greatest works, Great Expectations, the protagonist, Pip begins life as an orphan, slowly rising in social standing towards what many consider a successful end. In one of the Adminstration’s most ballyhooed efforts to cure the current financial and economic crisis, it established its own PPIP (Public Private Investment Partnership) program. .
According to Barnert Reports it appears that the NAIC has adopted the “Application of the Fair Value Definition” (INT 09-04 T, if you are keeping score). Although it may be further changed by work done at the Statutory Accounting working group, this new accounting pronouncement for statutory financials opens up a new world for many insurers. Securities.