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2015 Spring National Meeting
Phoenix, Arizona
EXECUTIVE (EX) COMMITTEE
Sunday, March 29, 2015
1:00 – 2:00 p.m.
Meeting Summary Report
The Executive (EX) Committee met March 29, 2015. During this meeting, the Committee:
1.
Adopted the March 28 report from the joint meeting of the Executive (EX) Committee and Internal Administration
(EX1) Subcommittee, which included the following action:
• Adopted its Nov. 16, 2014 minutes and March 25, Feb. 6, Jan. 19, 2015 and Dec. 16, 2014 minutes of the Executive
(EX) Committee.
• Ratified the NAIC representatives on the International Association of Insurance Supervisors (IAIS) Executive
Committee and the U.S./European Union (EU) Steering Committee.
• Adopted the report of the Audit Committee including an overview of the 2014 and year-to-date 2015 financials;
received the 2014 audit report and the 2014 SSAE 16 SOC 1 Type 2 report; discussed member grant funding and
previewed the 2016 budget calendar.
• Adopted the report of the Information Systems (EX1) Task Force including: 1) reports on the 2013-2015 approved
technology projects; 2) updates on SBS, SERFF, OPTins; State Producer Licensing (SPL); and on the 2015 E-Reg
Conference.
• Adopted the 2014 report on the NAIC’s long-term investment and defined benefit plan portfolio.
• Adopted the IIPRC request for a $150,000 line of credit for 2015.
• Approved the fiscal to implement SBS for the Wisconsin Office of the Commissioner of Insurance.
• Approved retaining a consultant to assist the Financial Condition (E) Committee with its charge on variable annuity
captives.
• Approved the selection of a consultant for the Streamlining Actuarial Reporting project.
• Selected meeting locations for the 2019 national meetings: spring-Orlando, FL; summer-New York, NY; and fallAustin, TX.
2.
Adopted its interim meeting report including: 1) recommendations to the White House for appointments to the National
Association of Registered Agents and Brokers (NARAB) board of directors; 2) appointment of the following insurance
industry and consumer representatives to the SERFF Advisory Board: Brian Hoffman (The Travelers Companies) for
P/C; Shirley Grossman (The Londen Insurance Group) for life representative and vice chair; James Gabriel
(UnitedHealthcare) for health; and Birny Birnbaum (Center for Economic Justice—CEJ) as the consumer representative;
3) approval of funding for regulator attendance at the National Tornado Summit in Oklahoma City, OK; 4) appointment
of NAIC Audit Committee members: Commissioner Ted Nickel, Chair (WI); Director Germaine L. Marks (AZ);
Commissioner Sharon P. Clark (KY); Commissioner Kenneth E. Kobylowski (NJ); Superintendent Joseph Torti III (RI);
and Commissioner Julie Mix McPeak (TN); 5) appointment of Commissioner Adam Hamm (ND) and Commissioner
Todd E. Kiser (UT) to the NIPR Board of Directors; 6) appointment of Commissioner Hamm as the NAIC representative
to the Financial and Banking Information Infrastructure Committee (FBIIC); and 7) approval of the National Association
of Corporate Directors (NACD) as the consultant on the NAIC Governance Review project; along with designation of
the Governance Review (EX) Task Force to make any governance related recommendations to the Executive (EX)
Committee.
3.
Adopted the reports of its task forces: the Cybersecurity (EX) Task Force; the Financial Stability (EX) Task Force; the
Governance Review (EX) Task Force; the Government Relations (EX) Leadership Council; the International Insurance
Relations (EX) Leadership Group; the Principle-Based Reserving Implementation (EX) Task Force, including adoption
of the regulatory criteria for the small company exemption; the Producer Licensing (EX) Task Force; and the Speed to
Market (EX) Task Force.
4.
Adopted changes to the NAIC Consumer Participation Program Plan of Operation.
5.
Adopted the model law development request for an Unclaimed Life Insurance Benefits model act.
© 2015 National Association of Insurance Commissioners
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6.
Received reports from: the NAIC Designation Program Advisory Board; the NIPR; and the IIPRC.
7.
Received a status report of model law development efforts for amendments to: the Annuity Disclosure Model Regulation
(#245); the Suitability in Annuity Transactions Model Regulation (#275); the Advertisements of Life Insurance and
Annuities Model Regulation (#570); the Life Insurance and Annuities Replacement Model Regulation (#613); the
Synthetic Guaranteed Investment Contracts Model Regulation (#695); the Health Insurance Reserves Model Regulation
(#10); the Managed Care Plan Network Adequacy Model Act (#74); the Creditor-Placed Insurance Model Act (#375);
the Mortgage Guaranty Insurance Model Act (#630); the Credit for Reinsurance Model Act (#785); the Actuarial
Opinion and Memorandum Regulation (#822); and the new model Term Life and Universal Life With Secondary
Guarantees (XXX/AXXX) Credit for Reinsurance Model Regulation.
W:\National Meetings\2015\Spring\Summaries\Final\EX.docx
© 2015 National Association of Insurance Commissioners
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