Since the Spring National Meeting, the National Association of Insurance Commissioners’ Big Data and Artificial Intelligence (H) Working Group has been conceptualizing new tools for regulators and exploring whether and to...more
8/25/2025
/ Algorithms ,
Artificial Intelligence ,
Big Data ,
Innovative Technology ,
Insurance Regulations ,
Popular ,
Proposed Legislation ,
Regulatory Oversight ,
Request For Information ,
Risk Management ,
Working Groups
On August 7, 2025, the National Association of Insurance Commissioners’ Annuity Suitability (A) Working Group issued draft safe harbor regulatory guidance with a comment period that ends on September 22, 2025. The draft...more
8/11/2025
/ Annuities ,
Broker-Dealer ,
Comment Period ,
Compensation & Benefits ,
Compliance Monitoring ,
Draft Guidance ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Regulations ,
Investment Adviser ,
NAIC ,
Regulatory Agenda ,
Regulatory Oversight ,
Working Groups
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
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
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
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
More than 200 regulators and interested parties attended the NAIC’s Cybersecurity (H) Working Group’s first meeting of the year on March 23. The working group, made up of 23 states, co-chaired by Missouri and New York, is...more
The NAIC and the Interstate Insurance Product Regulation Commission (“Compact”) are cooking up various initiatives that will impact life and annuity issuers. Below is the spread of the different issues....more
As accelerated underwriting (AU) and artificial intelligence (AI) begin to turn life underwriting upside down, several NAIC working groups are seeking to bring order to the disruption: the Big Data (EX) Working Group (“Big...more
9/4/2020
/ Artificial Intelligence ,
Big Data ,
Data Management ,
Insurance Regulations ,
Life Insurance ,
NAIC ,
Popular ,
Regulatory Agenda ,
Third-Party Service Provider ,
Underwriting ,
Working Groups
Several NAIC groups continued addressing issues related to innovation in the life insurance industry as follows...more
2/12/2020
/ Acceleration ,
Artificial Intelligence ,
Big Data ,
California Consumer Privacy Act (CCPA) ,
Consumer Insurance Products ,
Consumer Privacy Rights ,
Data Collection ,
Data Management ,
Innovation ,
Insurance Regulations ,
Licensing Rules ,
Life Insurance ,
NAIC ,
Personal Data ,
Third-Party Relationships ,
Underwriting ,
Vendors ,
Working Groups
The NAIC Annuity Suitability Working Group (Suitability WG) spent the summer at the July 23, July 29, and August 3 Suitability WG meetings trying to get out of the parking lot and discussed several issues to frame up the...more
8/12/2019
/ Annuities ,
Best Interest Standard ,
Conflicts of Interest ,
Consumer Insurance Products ,
Financial Services Industry ,
Incentive Compensation ,
Life Insurance ,
NAIC ,
Non-Cash Compensation ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Working Groups
The NAIC’s Annuity Disclosure Working Group and IUL Illustration Subgroup continue to chalk out changes to the Annuity Disclosure Model Regulation (Model) and Actuarial Guideline 49 (AG 49) to address index product...more
7/12/2019
/ Annuities ,
Disclosure Requirements ,
ETFs ,
Financial Indices ,
Financial Services Industry ,
Life Insurance ,
Loans ,
NAIC ,
Regulatory Oversight ,
Regulatory Requirements ,
Working Groups
As previously reported in our October 9, 2018, client alert, the sands began shifting in late 2018 when the NAIC Big Data Working Group (Big Data WG) began questioning life insurer’s use of big data after a LIMRA survey found...more
In response to the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group’s (Suitability WG) proposed revisions to the "Suitability and Best Interest Standard of Conduct in Annuity...more