There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
The New York Department of Financial Services (DFS) has proposed three new rules relating to corporate governance and oversight for New York insurers. The new rules would bring New York insurance laws in line with National...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, including suspension of the National Association of Insurance Commissioners (NAIC)...more
There has been significant activity at both the state and federal levels related to the novel coronavirus (COVID-19) and its impact on the insurance industry. This alert summarizes some of the most notable COVID-19-related...more
The National Association of Insurance Commissioners (NAIC) held its 2019 Fall National Meeting from December 7 through 10 in Austin, Texas. Notable developments from the Fall National Meeting include:
..Bermuda, Japan and...more
12/27/2019
/ Artificial Intelligence ,
Casualty Insurance ,
Flood Insurance ,
Innovation ,
Insurance Industry ,
Life Insurance ,
Liquidity ,
NAIC ,
Property Insurance ,
Regulatory Standards ,
Reinsurance ,
Stress Tests ,
Technology ,
Terrorism Insurance
The National Association of Insurance Commissioners (NAIC) held its 2019 Summer National Meeting from August 3 through August 6 in New York City. Typically the sleepier one among the NAIC’s three national meetings, this year...more
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has approved proposed revisions to the Credit for Reinsurance Model Law (Model Law) and the Credit for Reinsurance Model Regulation (Model...more
5/22/2019
/ Capital Requirements ,
Covered Agreement ,
EU ,
Federal Agency Taskforce ,
Financial Solvency ,
Insurance Industry ,
Jurisdiction ,
NAIC ,
Proposed Amendments ,
Reinsurance ,
Risk-Based Approaches ,
The Model Law ,
UK ,
US-EU Covered Agreement ,
USTR
On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). After a period of uncertainty...more
5/21/2019
/ Dodd-Frank ,
EU ,
European Economic Area (EEA) ,
Federal Insurance Office ,
GAAP ,
IFRS ,
Insurance Industry ,
Legal History ,
NAIC ,
Reinsurance ,
Solvency II ,
U.S. Treasury ,
UK ,
UK Brexit ,
US-EU Covered Agreement ,
USTR
The National Association of Insurance Commissioners (NAIC) held its 2019 Spring National Meeting from April 5 through 9 in Orlando, Florida. This meeting was distinguished by a very large class of new commissioners (15 in...more
4/18/2019
/ Annual Meeting ,
Cybersecurity ,
FSOC ,
IAIS ,
Insurance Industry ,
Life Insurance ,
Long Term Care Insurance ,
Marijuana ,
Marijuana Related Businesses ,
NAIC ,
Reinsurance ,
Risk Assessment ,
SIFIs ,
US-EU Covered Agreement ,
Working Groups
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has issued updated proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation (Credit for...more
Throughout 2018, the National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has been working on proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model...more
12/31/2018
/ Comment Period ,
Covered Agreement ,
EU ,
Insurance Industry ,
Jurisdiction ,
NAIC ,
Proposed Amendments ,
Reinsurance ,
U.S. Treasury ,
UK ,
UK Brexit ,
US-EU Covered Agreement
On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). After a period of uncertainty...more
12/31/2018
/ Dodd-Frank ,
EU ,
Federal Insurance Office ,
GAAP ,
IFRS ,
Insurance Industry ,
NAIC ,
Preemption ,
Reinsurance ,
U.S. Treasury ,
UK Brexit ,
US-EU Covered Agreement ,
USTR
The National Association of Insurance Commissioners (NAIC) held its 2018 Summer National Meeting from August 4 through 7 in Boston, Massachusetts. Baseball and weather were pervasive topics, with the Red Sox’ sweep of the...more
On June 21, 2018, the National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force exposed proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation...more
The National Association of Insurance Commissioners (NAIC) held its 2018 Spring National Meeting from March 24 through 27 in Milwaukee, Wisconsin. The winds off Lake Michigan were chilly, but the welcome was warm....more
The National Association of Insurance Commissioners (NAIC) held a public hearing in New York on February 20, 2018, to receive comments on the steps it should take to address the reinsurance collateral provisions of the...more
The National Association of Insurance Commissioners (NAIC) held its 2017 Fall National Meeting from December 2 through December 4 in Honolulu, Hawaii. Despite the exotic locale, the Fall National Meeting was not as well...more
The National Association of Insurance Commissioners (NAIC) met in Philadelphia, Pennsylvania for the 2017 Summer National Meeting from August 5-9. Commissioners, staff and interested parties alike converged in Philadelphia...more
8/31/2017
/ Accreditation ,
Big Data ,
Bonds ,
Cybersecurity ,
Data Security ,
Flood Insurance ,
FSOC ,
Innovation ,
Insurance Industry ,
Life Insurance ,
Long Term Care Insurance ,
NAIC ,
Regulatory Standards ,
Reinsurance
The NAIC’s 2016 Annual Report is titled, “Inspiring Innovation” and the themes of innovation and the new capabilities that technology offers were evident throughout the weekend. In March, the NAIC announced the creation of a...more
4/24/2017
/ Annuities ,
Big Data ,
Corporate Governance ,
Cybersecurity ,
Federal Agency Taskforce ,
Flood Insurance ,
FSOC ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Reporting Requirements
The National Association of Insurance Commissioners (NAIC) held its 2016 Summer National Meeting from August 26 through August 29 in San Diego, California.
The meeting began with strong words from the NAIC President and...more
The National Association of Insurance Commissioners (NAIC) held its 2016 Spring National Meeting from April 1 through April 6 in New Orleans, Louisiana. As host, Louisiana provided beautiful weather and bountiful great food....more
5/25/2016
/ Big Data ,
Casualty Insurance ,
Cybersecurity ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Flood Insurance ,
Gramm-Leach-Blilely Act ,
IAIS ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Life Insurance ,
NAIC ,
ORSA ,
Pricing ,
Principle-Based Reserves ,
Property Insurance ,
Reinsurance ,
Terrorism Insurance
2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance...more
On December 17, the National Association of Insurance Commissioners (NAIC) adopted a Roadmap for Cybersecurity Consumer Protections.
Except for a new name and new introduction, the Cybersecurity Roadmap is identical to...more