At the NAIC Spring National Meeting, the Illustration Subgroup and the Suitability Working Group reported that they are building out the following additions...more
5/7/2025
/ Annuities ,
Best Interest Standard ,
Compensation & Benefits ,
Employee Benefits ,
Insurance Regulations ,
Life Insurance ,
NAIC ,
New Guidance ,
Proposed Amendments ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Sustainability ,
Working Groups
Since the start of 2025, the following states have added to the roadwork on artificial intelligence regulation in insurance by implementing the NAIC’s model bulletin on the use of AI systems by insurers...more
5/1/2025
/ Algorithms ,
Artificial Intelligence ,
Colorado ,
Commercial Insurance Policies ,
Consumer Insurance Products ,
Insurance Regulations ,
Machine Learning ,
NAIC ,
Pending Legislation ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Requirements ,
State and Local Government
During the NAIC Spring National Meeting, the Big Data and Artificial Intelligence (H) Working Group reviewed its blueprint to build an overarching regulatory edifice to oversee insurers’ use of artificial intelligence...more
4/29/2025
/ AI Act ,
Algorithms ,
Artificial Intelligence ,
Data Collection ,
Insurance Regulations ,
Machine Learning ,
NAIC ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Working Groups
Regulators are growing concerned about the delegation of various insurance company functions, prompting a closer examination of third-party vendors. Several groups within the National Association of Insurance Commissioners...more
2/6/2025
/ Annuities ,
Artificial Intelligence ,
Big Data ,
Data Privacy ,
Employee Benefits ,
Insurance Regulations ,
Machine Learning ,
NAIC ,
Privacy Concerns ,
Regulatory Agenda ,
Retirement ,
Risk Management ,
Third-Party ,
Third-Party Service Provider
Gone With the Wind?
Closed-End Funds Risk Extinction -
Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds...more
10/16/2024
/ Cybersecurity ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Insurance Regulations ,
Investment ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Social Media
The many balls that the various National Association of Insurance Commissioners groups currently have in the air focusing on life insurers’ use of artificial intelligence and machine learning were reflected in the reports...more
At the National Association of Insurance Commissioners’ Summer 2024 National Meeting, the Life Insurance and Annuities (A) Committee received a report of its Life Actuarial (A) Task Force and a presentation on indexed...more
Since the 2023 adoption by the National Association of Insurance Commissioners of its model bulletin on the use of AI systems by insurers, states have been adopting the model bulletin or draft requirements of their own. Below...more
Last Lap in SEC RILA Rulemaking Critical Unresolved Issues -
Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more
5/29/2024
/ Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Climate Change ,
Cybersecurity ,
Disability Discrimination ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
NLRB ,
Private Equity ,
Private Funds ,
Private Placements ,
Proposed Legislation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
During its Winter National Meeting, various groups within the National Association of Insurance Commissioners continued addressing the Macroprudential (E) Working Group’s 2021 list of “Regulatory Considerations Applicable...more
After strapping on their skis and riding up the lifts, the NAIC groups reported to their events. The results of the events of note for life insurers are as follows...more
Drivers, start your engines. It has been months of high speed for privacy, cybersecurity, and artificial intelligence....more
5/16/2024
/ Algorithms ,
Artificial Intelligence ,
California Privacy Protection Agency (CPPA) ,
Cybersecurity ,
Data Brokers ,
Data Privacy ,
Data Security ,
Healthcare ,
Insurance Industry ,
Life Insurance ,
Machine Learning ,
NAIC ,
TCPA
Under the leadership of Maryland Insurance Commissioner Kathleen Birrane, in 2023 the Innovation, Cybersecurity, and Technology (H) Committee of the National Association of Insurance Commissioners completed two main...more
Regulators Hit Jackpot: Off-Channel Communications -
Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more
10/11/2023
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Breach of Contract ,
Class Action ,
COBRA ,
Consumer Financial Products ,
Consumer Insurance Products ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Federal Arbitration Act ,
Financial Contracts ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health Insurance ,
Insider Trading ,
Insurance Fraud ,
Insurance Litigation ,
Insurance Regulations ,
Interlocutory Appeals ,
Investment Management ,
Life Insurance ,
Money Market Funds ,
Mutual Funds ,
NAIC ,
NLRA ,
NLRB ,
No-Action Letters ,
Non-Compete Agreements ,
NYDFS ,
Regulatory Requirements ,
Retirement ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State and Local Government ,
Wage and Hour
On July 17, the Innovation, Cybersecurity, and Technology (H) Committee of the National Association of Insurance Commissioners released its exposure draft of the NAIC’s model bulletin on insurers’ use of algorithms,...more
10/11/2023
/ Algorithms ,
Artificial Intelligence ,
Consumer Insurance Products ,
Cybersecurity ,
Innovation ,
Insurance Regulations ,
Life Insurance ,
Machine Learning ,
NAIC ,
Popular ,
Proposed Regulation ,
Reporting Requirements ,
Risk Management ,
Technology
The National Association of Insurance Commissioners’ Privacy Working Group has been feverishly shuffling and re-dealing its new privacy model, but its luck may be running out....more
Various chefs within the National Association of Insurance Commissioners and some individual states’ chefs continue to address insurers’ use of artificial intelligence (AI), machine learning (ML), the use and protection of...more
In April and May, the NAIC Privacy Protections Working Group held the first three of its biweekly calls to discuss its recipe for a new privacy model, “Insurance Consumer Privacy Protection Model Law #674.” During the...more
Few things thrill baseball fans more than opening day. They come with a mix of excitement and trepidation. For many of them, it’s the first day they get to see their favorite team showcase its talents, and their first glimpse...more
The first round on the Insurance Consumer Privacy Protection Model Law (#674) started on March 21 as the NAIC’s Privacy Protections Working Group (PPWG) held its first open meeting to discuss the draft privacy model. The...more
As 2022 ended, various groups of the National Association of Insurance Commissioners (NAIC), as well as the Colorado Department of Insurance (CO DOI), continued to gain a better understanding of insurers’ use of consumer...more
At the National Association of Insurance Commissioners (NAIC) 2022 Fall National Meeting (Fall Meeting), the various NAIC groups hit the industry with an array of snowballs of various actual and proposed surveys, guidance,...more
Following completion of its 2022 educational paper, the NAIC’s Accelerated Underwriting (A) Working Group (AUWG) moved to the second part of their charge — draft guidance for the states. During their call on February 22, the...more
On February 1, the NAIC’s Privacy Working Group’s new privacy model germinated. After months of development, the exposure draft, titled “Insurance Consumer Privacy Protection Model Law #674” (Proposed Model), has finally...more
The National Council of Insurance Legislators (NCOIL) unanimously agreed to waive a red flag protesting insurers’ offers of enhanced cash surrender values. At its summer meeting, NCOIL adopted a Resolution Identifying Certain...more