Key takeaways from the NAIC Fall 2024 National Meeting

Blue Ocean Reinsurance Group’s Chief Operating Officer Ruwan Jayasekera, recently return returned from the NAIC Fall National Meeting held in Denver, Colorado. He penned his key takeaways from the session, noting the key insights and emerging trends from the industry.

The meeting addressed several critical topics and developments in the U.S. (re)insurance sector, providing key insights into the evolving regulatory landscape.

One of the highlights of the event was the IAIS update delivered by its Secretary General. This included the announcement of a significant milestone: the finalisation of the Insurance Capital Standard (ICS) and the conclusion of the Aggregation Method (AM) comparability assessment. These developments mark major progress for the IAIS in fostering global regulatory consistency.

The meeting also saw a delegation from the Cayman Islands Monetary Authority and Cayman International Reinsurance Companies Association representing the Cayman Islands. With nearly 90% of the Cayman Islands' insurance sector risks originating from the U.S., maintaining alignment between Cayman’s regulatory standards and those of the NAIC is vital. This alignment enhances the credibility of all parties involved in reinsurance transactions, reinforcing trust and operational efficiency.

Participation in such regulatory meetings provides invaluable benefits to the industry, offering insights into emerging compliance trends, regulatory updates, policy advancements, and best practices. Furthermore, these events present opportunities to engage directly with U.S. regulators, the NAIC, and industry experts, fostering stronger business relationships and facilitating discussions on critical topics shaping the sector.

This proactive engagement ensures the Cayman Islands remain at the forefront of regulatory excellence and industry best practices, benefiting both local and global stakeholders.