Summary


The revised Utah Insurance Holding Company rule is aimed at assessing the "enterprise risk" within the entire insurance holding company system (including the risk caused by non-insurer affiliates) and determining the impact of such risk upon the solvency of insurers within the insurance group. To accomplish this goal, the revised model law enhances insurance regulators' authority to supervise the insurance group by mandating reporting of information regarding the solvency and risk of an insurer's noninsurer affiliates and allowing examination of such entities. Importantly, the NAIC Financial Regulation Standards and Accreditation Committee has determined that the adoption of certain revisions and significant elements of the revised model law and regulation is now required as part of the national accreditation standards for insurance departments, ensuring adoption nationwide.