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Regulatory Standards Insurance Industry Reinsurance

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

Eversheds Sutherland (US) LLP

NAIC report - 2021 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2021 Fall National Meeting from December 11 to 16 in San Diego, California. The meeting was held in a hybrid in-person and remote format due to the ongoing...more

Herbert Smith Freehills Kramer

NAIC Issues Guidance on Credit for Reinsurance

Insurers and reinsurers navigating the increasingly complex rules on reciprocity for collateral requirements should consider recent guidance from the leading U.S. standard-setting body. On June 17, 2021, the Reinsurance...more

Eversheds Sutherland (US) LLP

NAIC Report – 2019 Fall National Meeting

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

BCLP

Insurance and Reinsurance Update

BCLP on

This is our pick of the key recent legal and regulatory issues affecting the insurance and reinsurance sector. Non Party PI Insurers Liable for Costs - In the January 2019 case of Various Claimants v Giambrone the...more

Carlton Fields

Rhode Island Makes Technical Changes to Its Credit for Reinsurance Regulation

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Rhode Island adopted the NAIC Credit for Reinsurance Model Regulation in 2014. Recently, Rhode Island made technical changes to the regulation and substituted forms issued by the Rhode Island Department of Insurance by...more

Carlton Fields

New Mexico Adopts NAIC Credit for Reinsurance Model Regulation

Carlton Fields on

Effective July 24, 2018, New Mexico adopted the NAIC Credit for Reinsurance Model Regulation. New Mexico adopted the Model Rule as “part of a broad effort to modernize reinsurance regulation and to conform with the...more

Carlton Fields

Alaska Follows Other States In Adopting Law Based On Updates To NAIC Credit For Reinsurance Model Law

Carlton Fields on

On July 13, 2018 Alaska became the last state to incorporate amendments to the NAIC Credit for Reinsurance Model Law into its insurance code when Governor Bill Walker (I) signed House Bill 401 into law....more

Carlton Fields

NAIC Publishes Exposure Drafts Of Proposed Revisions To Credit For Reinsurance Models To Implement The Covered Agreement

Carlton Fields on

The NAIC has published proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation that are intended to facilitate compliance by the states with the provisions of the Covered...more

Carlton Fields

Michigan Amends Reinsurance Credit Statute To Conform To NAIC Model Law

Carlton Fields on

On April 10, 2018 Michigan Governor Rick Snyder (R) signed Michigan Senate Bill 638 into law to amend the state’s insurance code to conform to the National Association of Insurance Commissioner (“NAIC”)’s model law on...more

Carlton Fields

SEC Settles Claims Against Individual And Entities It Claimed Used Investments In Reinsurance Business To Finance Lavish Lifestyle

Carlton Fields on

A federal district court in Connecticut has entered final judgments pursuant to agreements between the SEC and three defendants—David Haddad, Trafalgar Square Risk Management, LLC, and New England RE, LLC—in a case alleging...more

Carlton Fields

Wyoming Enacts Legislation And Adopts New Regulations Governing Credit For Reinsurance And Term And Universal Life Insurance...

Carlton Fields on

New regulations relating to credit for reinsurance and term and universal life insurance reserve financing took effect in Wyoming on November 30, 2017. The regulations implement amendments to Wyoming statutes that took effect...more

Hogan Lovells

US: National Association of Insurance Commissioners to Hold February Hearing on Collateral Requirements for EU Reinsurers

Hogan Lovells on

The National Association of Insurance Commissioners (NAIC) will hold a public hearing in New York City on 20 February 2018 to consider how U.S. States should address the elimination of reinsurance collateral requirements for...more

Carlton Fields

California DOI Amends Regulation Of Reinsurance

Carlton Fields on

The California Department of Insurance (DOI) has adopted a set of amendments, effective January 1, 2018, to its regulations regarding reinsurance accounting, agreements and oversight. These changes were made to conform the...more

Carlton Fields

Iowa And Virginia Insurance Regulators Adopt The NAIC’s Term Model Rules Governing Term And Universal Life Insurance Reserve...

Carlton Fields on

Insurance regulators in Iowa and Virginia have adopted the NAIC’s Model Rules regulating term and universal life insurance reserve financing. The stated purpose of the rules is “to establish uniform, national standards...more

Eversheds Sutherland (US) LLP

NAIC Report: 2017 Summer National Meeting

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

Hogan Lovells

Changes in insurance regulation: China / Hong Kong / Singapore / Indonesia / Vietnam - January – March 2017

Hogan Lovells on

Please find our Asia insurance regulatory tracker for the first quarter of 2017. It includes updates on the new independent insurance regulator for Hong Kong (which will assume its functions on 26 June), new rules on equity...more

Hogan Lovells

Insurers to benefit from mutual solvency recognition between Mainland China and Hong Kong

Hogan Lovells on

On 16 May 2017 the CIRC and the Hong Kong Office of the Commissioner of Insurance (“OCI“) entered into a framework agreement aimed at mutual recognition of solvency regimes between Mainland China and Hong Kong....more

Hogan Lovells

The future of Hong Kong's insurance industry – New focus on reinsurance and captives?

Hogan Lovells on

The Hong Kong Financial Services Development Council, an advisory body to the government, has recently released a report on the Hong Kong insurance sector. Its key recommendations are...more

Hogan Lovells

China: CIRC Publishes Final Requirements for Collateral in Cross-border Reinsurance Transactions

Hogan Lovells on

On 9 August 2016, the China Insurance Regulatory Commission (“CIRC“) issued the Notice on Matters Relating to Collateral Provided by Offshore Reinsurers (Draft) (the “Draft Notice“) for public consultation. On 13 March 2017,...more

Hogan Lovells

Spain: The Draft Insurance Distribution Act

Hogan Lovells on

On 16 February 2017, the Spanish Insurance Regulator (the ”DGSFP”) submitted to the interested parties the final Draft of the Insurance Distribution Act (the ”ALDS”), which implements in Spain the Directive 2016/97 of the...more

Hogan Lovells

New guidance note on reinsurance for Hong Kong insurers

Hogan Lovells on

A new guidance note on reinsurance for Hong Kong insurers (“GN17“) came into effect on 1 January 2017. GN17 contains a number of general requirements with regard to the management and monitoring of reinsurance...more

Carlton Fields

FIO Annual Report On The Insurance Industry

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In September, the Federal Insurance Office (“FIO”) issued its Annual Report on the Insurance Industry for 2015, including its “outlook” for 2016 based upon results reported through June 30, 2016....more

Cadwalader, Wickersham & Taft LLP

UK Financial Conduct Authority Issues Final Rules Concerning Whistleblowers

On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more

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