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regulators with an additional analytical tool for conducting groupwide supervision. NAIC Committee Adopts Regulatory Review of Predictive Models WhitePaper. The Property and Casualty Insurance (C) Committee adopted the Regulatory Review of Predictive Models whitepaper (the WhitePaper).
Interested party comments continued to emphasize concerns regarding the confidentiality of the GCC (including whether lead state regulators will have the ability to share the GCC with other domestic regulators) and the need to clarify within the instructions that the GCC is intended to be used as an analytic tool, rather than a standard.
Moody’s Analytics, in collaboration with the American Council of Life Insurers, developed the revised bond factors, which are based on more recent historical data, as the data on which the prior factors were based was approximately 30 years old.
The Task Force stressed that the guidance provided in the whitepaper will not be designed to preempt state authority but rather will assist regulators in providing greater consistency among states’ review of predictive models. The Task Force aims to complete the whitepaper by the fall of 2018.
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