Who Says Insurance Is Boring?

Martha Leiper - Head of Insurance Advisory

Highlights from the National Association of Insurance Commissioners (NAIC) Summer Meeting, held in Minneapolis on August 10-14, 2025.

As a former CIO at two Fortune 500 Companies, I rarely attended NAIC meetings. Investment, actuarial and legal colleagues would attend and report relevant information. I didn’t know what I was missing!

I attended the NAIC summer conference this past week. It was a chance to hear firsthand what the commissioners are contemplating, see how the regulatory sausage is made, catch up with old friends, and meet the people making the policies which impact us all. It’s another way to connect, network and influence!

By the way, it wasn’t without surprises! The general session was interrupted by a group of protesters on climate related issues. Initially, I thought it was part of the program; an attempt to keep the after-lunch attendees engaged. Fortunately, it was peaceful, and after an orderly parade through the ballroom, the group was escorted out without incident.

The most relevant topics from my perspective were, negative IMR, and proposed changes to Risked Based Capital (RBC).

Here are the key issues covered in my recap
 

• Negative IMR admittance provision to extend through 2026 with additional clarification.
• RBC Model Governance Task Force takes next steps to modernize RBC framework with another exposure draft expected in next few weeks.
• Offshore reinsurance and the movement of assets into various regulatory frameworks continues to be a concern.
• Regulators zero-in on combination reinsurance contracts over concerns of overstated reserve credits and misrepresentation of an insurer’s solvency position.
• Expanded scope for qualifying trusts holding residential mortgage loans to be reported on Schedule B.
• Private letter rating reports receive 30-day grace period and substance requirement.
• New CLO modeling update postponed until end of 2026.

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