Insurer Affiliation Survey

State of New Jersey State of New Jersey DEPARTMENT OF BANKING AND INSURANCE LEGISLATIVE AND REGULATORY AFFAIRS PO BOX 325 TRENTON, NJ 08625-0325 Tel (609) 984-3602 Fax (609) 292-0896 Visit us on the Web at www.njdobi.org New Jersey is an Equal Opportunity Employer • Printed on Recycled Paper and Recyclable JAMES E. MCGREEVEY Governor HOLLY C. BAKKE Commissioner BULLETIN NO.: 02-18 TO: ALL INSURERS DOMICILED IN THIS STATE FROM: HOLLY C. BAKKE, COMMISSIONER RE: INSURER AFFILIATION SURVEY The Gramm-Leach-Bliley Act, P.L. 106-102 (“GLBA”) enacted November 12, 1999 substantially revised the regulation of financial institutions in the United States. Among these changes is that insurers, banks and other financial institutions, previously prohibited from affiliating, are now permitted to be affiliated. The Department of Banking and Insurance (“Department”) has regulatory authority over both insurers and State-chartered banks, and other financial institutions. Federal regulators have regulatory authority over various Federally chartered financial institutions. Recognizing this joint regulatory interest, the Coordinating with Federal Regulators Working Group of the National Association of Insurance Commissioners (“NAIC”) has developed a survey to identify insurers that are affiliated with banks and securities firms. The results of the survey will provide state insurance regulators with the names of insurers’ financial institution affiliates, as well as the primary Federal regulators or state regulator of those affiliates. The purpose of this survey is to assist the Department and all state insurance regulators in coordinating activities and communicating information with Federal banking agencies and other functional regulators. Accordingly, all domestic insurers shall file the NAIC survey, which may be viewed, completed and submitted on the internet at: http://www.naic.org/servlet/FSAffiliatesSu630. 2 2 Insurers shall respond electronically to the NAIC by October 15, 2002. The results of this survey will be available to the Department from the NAIC and will be used as part of the Department’s ongoing analysis of domestic insurers. 9/25/02 /s/ Holly C. Bakke Date Holly C. Bakke Commissioner