At the NAIC’s tenth International Insurance Forum, Daniel K. Tarullo, a member of the Board of Governors of the Federal Reserve System (FRB), outlined the FRB’s plans for: -
..the capital and liquidity rules for...more
5/31/2016
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Capital Rules ,
Federal Reserve ,
G-SII ,
IAIS ,
Insurance Industry ,
Liquidity ,
NAIC ,
Other-SIIs ,
Risk-Based Approaches ,
Savings and Loan Companies ,
Stress Tests
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
The National Association of Insurance Commissioners (NAIC) held its 2015 Fall National Meeting from November 17 through November 22 at National Harbor, Maryland. Notwithstanding the gigantic size of the Gaylord National...more
On Friday, November 20, 2015, the U.S. Department of the Treasury and the U.S. Trade Representative (USTR) notified the chairs of the U.S. House Financial Services Committee, House Ways and Means Committee, Senate Banking...more
On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (the NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee (the...more
On October 14, the National Association of Insurance Commissioners Cybersecurity Task Force (NAIC Task Force) adopted a version of the Cybersecurity Bill of Rights for insurance consumers. The Bill of Rights claims to outline...more
Nearly one-third of the U.S. states have now issued directives on the use of price optimization to determine insurance rates and, to date, most states have taken a skeptical view of the practice. Meanwhile, at the national...more
The National Association of Insurance Commissioners (NAIC) held its 2015 Summer National Meeting from August 13 through August 18 in Chicago, Illinois. The meeting was notable for the number of new insurance commissioners...more
9/3/2015
/ Anthem Blue Cross ,
Casualty Insurance ,
Cybersecurity ,
Earthquake Insurance ,
G-SII ,
IAIS ,
Insurance Commissioners ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Premera Blue Cross ,
Professional Conferences ,
Property Insurance ,
Reinsurance ,
Sharing Economy ,
Terrorism Insurance ,
Variable Annuities ,
Working Groups
The influence of international standards on the direction of insurance regulation in the United States has dominated public discussion about insurance regulation during recent years. Nowhere was that more evident than in...more
The National Association of Insurance Commissioners (NAIC) held its first national meeting for 2015 in Phoenix, Arizona, from March 26 through March 31. Noteworthy new initiatives include cybersecurity, price optimization and...more
4/24/2015
Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services (the “DFS”) and the National Association of Insurance...more
The NAIC has begun its efforts to amp up state insurance department oversight of cybersecurity practices with the release of two documents for public comment. The first, entitled Principles for Effective Cybersecurity...more
On February 9, the New York Department of Financial Services (DFS) released a Report on Cyber Security in the Insurance Sector (Report), summarizing the results of a survey completed by 43 insurers about their cybersecurity...more
On December 18th, President Obama signed into law the “Ukraine Freedom Support Act of 2014,” authorizing stricter sanctions against Russia, and also increasing military and non-military assistance for Ukraine. Although the...more
Yesterday, President Obama announced that the United States and Cuba will begin talks to resume full diplomatic relations and partially lift travel and economic sanctions and restrictions, some of which have existed for more...more
On December 18, President Obama signed into law the Insurance Capital Standards Clarification Act of 2014 (the Act). The Act makes it clear that the Board of Governors of the Federal Reserve (the Fed) is not required to apply...more
12/19/2014
The National Association of Insurance Commissioners (NAIC) met for its Fall National Meeting in Washington, D.C. from November 14th through November 19th. As with prior meetings, competition among state, Federal and...more
The National Association of Insurance Commissioners (NAIC) met for its Summer National Meeting in Louisville, Kentucky, August 14-19. International regulatory standards were a prime focus of the meeting, as the International...more
The National Association of Insurance Commissioners (NAIC) met for its Spring National Meeting in Orlando, Florida from March 29 through April 1. Typical for the first national meeting of the year, much activity was focused...more
4/15/2014
/ Casualty Insurance ,
Corporate Governance ,
Cyber Insurance ,
Cybersecurity ,
Flood Insurance ,
Hedge Funds ,
NAIC ,
Private Equity ,
Regulation ,
Reinsurance ,
Title Insurance
With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2014.
Forces, trends and events that we believe will affect regulation, transactions and...more
Massachusetts Governor Deval Patrick released his proposed FY 2015 budget on January 22, 2014. The proposed budget includes a tax provision that is targeted directly at the licensed insurance industry. Currently, income...more
The New York Department of Financial Services (Department) has announced that Regulation 203 – Enterprise Risk Management & Own Risk and Solvency Assessment (Proposed Regulation) will be formally proposed in a notice of...more
On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading...more
1/15/2014
/ Bank Holding Company Act ,
Banks ,
CFTC ,
Collateralized Debt Obligations ,
Dodd-Frank ,
Federal Reserve ,
OCC ,
Proprietary Trading ,
Securities and Exchange Commission (SEC) ,
Trust Preferred Securities ,
Volcker Rule