External Meetings: Call with Mark Sagat, NAIC

Mr. Sagat indicated that some States directly provide insurance to their citizens, and thus suggested that the Provider Prong of the Commissions' test to exclude insurance from the swap definition should also include State-run insurance programs (in addition to those run by the United States).  He also mentioned that in some States, the insurance commissioner or department may not be the relevant State authority for the supervision of certain types of insurance, and requested clarification that the Provider Prong of the Commissions' test would cover entities supervised by such State authorities.