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Regulatory Requirements Insurance Regulations

Rivkin Radler LLP

NY Insurer Fined $250,000 for Mental Health “Ghost Network”

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The New York Attorney General’s office recently announced an agreement with MVP Health Care under which the insurer will pay $250,000 in penalties, fees, and costs to the state for maintaining an inaccurate mental health...more

Mayer Brown

FAQs - UK Regulatory Approvals for Insurance M&A

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As the pace of M&A activity in the UK insurance and re-insurance sector increases, it is important for prospective overseas buyers to understand the process for obtaining approvals from the UK regulators; the Prudential...more

DLA Piper

AI in Insurance: Acceleration Meets Accountability

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We are living through the most dynamic regulatory and commercial moment for artificial intelligence since the advent of cloud computing. Contract standards and supervisory expectations are being shaped in real time, propelled...more

Carlton Fields

NAIC Working Group Begins Sculpting a Framework to Assess Third-Party Data and Models

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After taking a brief hiatus since the 2024 Fall National Meeting, the National Association of Insurance Commissioners’ Third-Party Data and Models (H) Working Group began shaping its focus. Based on a regulatory survey of...more

Cozen O'Connor

NY AG Puts Mental Health Ghost Network to Rest

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New York AG Letitia James has announced an agreement with MVP Health Plan (MVP) following an investigation that found systemic problems with the insurer’s mental health provider network. The investigation revealed that MVP’s...more

Troutman Pepper Locke

Colorado Division of Insurance Expands AI Governance and Framework Regulation to Private Passenger Auto and Health Benefit Plan...

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On August 20, 2025, the Colorado Division of Insurance (Division) amended Regulation 10-1-1 to expand its existing limited applicability to insurers offering individual life insurance to apply to insurers offering private...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: Encyclopaedia of Prudential Solvency – Chapter 6: Prudential Solvency Regimes in the US

This chapter of The Encyclopaedia of Prudential Solvency discusses the prudential solvency regime in the United States. The US regulatory framework is defined by its state-based approach, whereby each state’s department of...more

Carlton Fields

NAIC Working Group Paints a Picture of Insurer Oversight Expectations

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On August 7, 2025, the National Association of Insurance Commissioners’ Annuity Suitability (A) Working Group released draft safe harbor regulatory guidance that paints a clearer picture of how insurers should oversee third...more

Warner Norcross + Judd

Reminder: Insurance Agents/Brokers Are Required to Notify the State of Criminal Prosecutions or Administrative Proceedings

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Michigan’s Department of Insurance and Financial Services (DIFS) requires insurance producers (individual agents/brokers and business agencies, collectively, “Insurance Producers”) to provide notice of certain criminal or...more

Bennett Jones LLP

Ontario Introduces Pilot Project for Automated Commercial Motor Vehicles | Bennett Jones

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Ontario has launched a 10-year pilot program, running from August 1, 2025 to August 1, 2035, to evaluate the use of automated commercial motor vehicles (ACMVs) on Ontario's roads....more

McDermott Will & Schulte

NAIC Summer National Meeting: Financial Condition (E) Committee advances formation of new Reciprocal Exchanges (E) Working Group...

Earlier this year, noting “the recent increase in the number of reciprocal exchanges being formed and challenges in assessing the fairness and reasonableness of attorney-in-fact fees being charged to the newly formed...more

Cozen O'Connor

Claims Notes: August 2025

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Umpire Not Immune from Insurer’s Suit for Undisclosed Conflicts - A toilet supply line leak damaged Rike’s home. She submitted a claim to her property insurer and demanded an appraisal. Rike and the insurer selected their...more

Troutman Pepper Locke

Red Teaming Is an Effective Tool for Insurer Assessment of AI Risks

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The insurance industry is facing increased scrutiny from insurance regulators related to its use of artificial intelligence (AI). Red teaming can be leveraged to address some of the risks associated with an insurer’s use of...more

Conyers

AM Best Proposes Changes to Its Rating Criteria

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In a recent market briefing delivered to the Cayman Islands’ (re)insurance industry, global credit ratings agency AM Best announced its proposal to change its criteria for rating cell companies including Segregated Portfolio...more

Kennedys

Proposed Washington code amendments modify insurer claims handling requirements

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Proposed Washington Administrative Code amendments would tighten the deadlines and increase insurers’ requirements while simultaneously finding a single misstep a basis for a violation....more

Carlton Fields

SEC Staff Updates Guidance on Rate Sheet Supplements to Include Changes to Index Loss Limits in RILAs

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On August 4, SEC staff updated guidance on the use of rate sheet supplements in disclosing changes to terms in insurance products. As revised, updated ADI 2018-05 enables insurers to use rate sheet supplements to notify...more

Conyers

The Prudential Solvency Regime of the Cayman Islands

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The Cayman Islands Monetary Authority (CIMA) set out its approach to group (or consolidated) supervision in a November 2023 regulatory policy update (the Regulatory Policy). CIMA defines consolidated supervision as: “a...more

DLA Piper

Paying for Direct Primary Care Arrangements With HSAs is Now Permitted – With Caveats

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While proposed frequently in Congress over the past few years, the One Big Beautiful Bill Act (OBBBA) has succeeded in revising the rules governing health savings accounts (HSA) in key ways that allow them to be used to pay...more

Foley & Lardner LLP

Virginia Bureau of Insurance Issues Updated Guidance Regarding Minimum Capital and Surplus, Seasoning, and Procedures for...

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On August 6, the Virginia Bureau of Insurance (BOI) issued Administrative Letter 2025-03 (the Letter) to all companies seeking to be licensed as insurers in Virginia. The Letter addresses requirements for domestic, foreign,...more

Foley & Lardner LLP

Virginia Bureau of Insurance Issues Guidance Clarifying Material Change and Required Notifications for Managed Care Health...

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On July 22, the Virginia Bureau of Insurance (BOI) issued Administrative Letter 2025-02 (the Letter) to all licensed insurers writing Managed Care Health Insurance Plans (MCHIPs) in Virginia. The Letter clarifies what...more

Phelps Dunbar

Louisiana Changes its "Proof of Loss" Law

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The Louisiana Legislature recently passed HB 437 which enacts La. § R.S. 22:1892.3 (effective August 1), in an attempt to clarify parties’ respective obligations as it relates to Proof of Loss statements and corresponding...more

Foley & Lardner LLP

Maryland Insurance Administration Proposes to Revise Regulation Governing Disclosures of Credit Scoring Use in Private Passenger...

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The Maryland Insurance Administration (MIA) recently proposed to revise a regulation regarding the use and disclosure of credit history in underwriting and rate making for personal automobile policies. Specifically, the...more

Foley & Lardner LLP

Tsunamis and the National Flood Insurance Program

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On July 30, an 8.8 magnitude earthquake occurred off of Russia’s Eastern Kamchatka coast, subsequently triggering tsunami warnings in, among other places, Japan and Hawaii. Some have postulated that rising sea levels could...more

Troutman Pepper Locke

Connecticut Updates Its Captive Insurance Laws

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Effective October 1, 2025, Public Act No. 25-130 amends Connecticut’s captive insurance laws. Important amendments under the act include...more

Husch Blackwell LLP

Texas Insurance Regulators Provide Guidance on New Reporting Mandates

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The Texas Department of Insurance (TDI) issued Bulletin B-0008-25 in anticipation of changes to the Texas Insurance Code which are set to take effect in January 2026. House Bill 2067 mandates quarterly reporting by insurers...more

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