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July 30, 2010 at 08:00 PM
Insurers and reinsurers should be taking the time to understand – and comment on – massive changes in financial rules that are now in the planning stages.
Insurance accounting consultants at Deloitte Touche Tohmatsu, New York, have published that advice in a new on looming changes in U.S. and international solvency regulation.
In the United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act could lead to greater federal involvement in solvency oversight, the Deloitte consultants say.
The Solvency Modernization Initiative at the National Association of Insurance Commissioners, Kansas City, Mo., could lead to a total recalibration of states’ risk-based capital system and changes in corporate governance and group supervision rules, the consultants say.
