Insurance Holding Company Systems (230-RICR-20-45-1)

Regulation Authority:

R.I. Gen. Laws § 27-35-7

Purpose and Reason:

The Department proposes this amendment to update the regulation to adopt recent changes to the National Association of Insurance Commissioners (“NAIC”) Insurance Holding Company System Model Regulation (Model Reg. #450).  Model Reg. #450 establishes uniform, national standards governing reserve financing arrangements pertaining to insurance holding company systems.  The NAIC determined that Model Reg. #450 was an accreditation standard necessary to maintain accreditation by the NAIC and that these recent updates to Model Reg. 450 were also important.