In 2010, the Federal Insurance Office (“FIO”) was created within the United States Treasury Department by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to support uniform regulation of Insurance across the...more
DFS has developed a draft pre-proposal notice regarding proposed amendments to 11 NYCRR 52 (Insurance Regulation 62) which, if adopted, would amend the minimum standards for form, content, and sale of health insurance in New...more
With issuance of Bulletin No. 24-12, the New Jersey Department of Banking & Insurance has extended the time for enrollment in the state insurance exchange, “Get Covered New Jersey” through October 31, 2024. This extension...more
Under Federal Law, the Group Capital Calculation (GCC) is the means through which states put in place a “worldwide group capital calculation” to avoid the European Union from imposing a group capital requirement of its own on...more
On February 21, 2024, Change Healthcare, a platform that provides certain technology solutions for the health care industry, experienced a nationwide network interruption related to a cybersecurity issue (cyber incident) and...more
Suitability in the sale of annuity products has been a topic of state regulation since at least 2003 - well before the federal focus on “Best Interest.” State insurance regulators have overseen the sale of annuities to ensure...more
Superintendent of Financial Services Adrienne A. Harris recently announced proposed regulations to govern the conduct of PBMs operating in New York state. If adopted, these regulations would establish strong protections for...more
Earlier this spring, proposed legislation was introduced in the New York Sate Legislature which could lessen the burdens imposed on unauthorized insurers seeking to offer excess lines coverage in New York and possibly expand...more
On January 13, 2022, the Freedom of Reproductive Choice Act, P.L. 2021, c. 375 (Act), was enacted to codify the constitutional right to freedom of reproductive choice, including the rights to access contraception, to...more
The United States Department of Health and Human Services (HHS), on October 13, 2022 renewed the COVID-19 Public Health Emergency for another 90 days continuing the state of emergency through at least January 15, 2023....more
Since 2021, in an effort to encourage greater transparency in the prescription drug industry, there has been a national trend toward increased state licensing and regulation of Pharmacy Benefit Managers (PBMs). PBMs are...more
On April 19, 2022, The New York Superintendent of Financial Services, noting the increase in the number of insurance company mergers and acquisitions in recent years, issued Circular Letter No. 5 (guidance) to educate...more
January 10, 2022 federal guidance implementing the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act, (the “Federal Guidance”) requires coverage of FDA approved...more
Two bills were introduced in the New Jersey legislature which address the Group Capital Calculation and the Liquidity Stress Test Framework for insurance holding company systems. These bills revise current New Jersey law on...more
Effective December 15, 2021 (and through the January 1, 2027 sunset date when the regulation will again be evaluated), the New York Department of Financial Services (“DFS”) adopted Regulation 172 (the “Regulation”), which...more
As a result of the recent Tropical Storm Ida which has impacted many New Jersey residents, Governor Murphy has issued Executive Order No. 259, declaring a state of emergency. Consistent with the Executive Order, the...more
Lead generation in the insurance field has become a robust business over the last decade as competition increases and the market place remains stable or shrinking. The advent of sales on an electronic platform, cross...more
The amended Regulation 187, Suitability and Best Interests in Life Insurance and Annuity Transactions (Regulation) took effect Aug. 1, 2019, for annuity sales, and began applying to life insurance sales on Feb. 1, 2020. The...more
The New Jersey Senate passed Senate Bill S111, sponsored by Senators Nia Gill, M. Teresa Ruiz, Nilsa Cruz-Perez and Nellie Pou, which would prohibit the use of education, occupation, or credit score in certain automobile...more