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Regulatory Standards NAIC Insurance Industry

Holland & Knight LLP

The Implications and Scope of the NAIC Model Bulletin on the Use of AI by Insurers

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The National Association of Insurance Commissioners' (NAIC) model bulletin governing the use of artificial intelligence (AI) by insurers provides guidance on the legal and ethical use of AI within the insurance industry,...more

Mintz

Congressional Democrats Press For Integration of Climate-Related Financial Risks in Insurance Regulation

Mintz on

On August 12, 2024, three Congressional Democrats (Casten (D-IL); Waters (D-CA); and Senator Whitehouse (D-RI)) sent a letter to the National Association of Insurance Commissioners (NAIC), inquiring as to “the status of the...more

Bressler, Amery & Ross, P.C.

State Regulation of Annuity Suitability and the Best Interests

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

Herbert Smith Freehills Kramer

NAIC Announces 2023 Priorities

The National Association of Insurance Commissioners (NAIC) recently announced its regulatory priorities for 2023. Insurers should consider the extent to which these matters impact them and the prospect that insurance...more

Herbert Smith Freehills Kramer

NAIC Exposes Key ComFrame-Motivated Changes

Internationally active insurance groups (IAIGs) with U.S. domestic insurers should be alert to key changes in regulatory oversight being considered by the National Association of Insurance Commissioners (NAIC). These changes...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

NAIC Summer National Meeting Spotlights Innovation and Insurtech

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In response to the accelerating pace of change, the NAIC’s Summer National Meeting in Boston focused on innovation and insurtech....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

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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

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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

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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

NAIC Disclosure Developments

Carlton Fields on

Annuity Illustration Standard Changes: On March 2, the Annuity Disclosure (A) Working Group of the National Association of Insurance Commissioners agreed to recommend the adoption of a revision to the NAIC’s Annuity...more

Carlton Fields

Another Bout in the NAIC Best Interest Standard Title Fight

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In response to the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group’s (Suitability WG) proposed revisions to the "Suitability and Best Interest Standard of Conduct in Annuity...more

Carlton Fields

Insurers Keep Providing Corporate Governance Disclosures Without Complaint—Yet

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Following the financial crisis, the NAIC undertook a solvency modernization initiative (SMI) to update insurance regulators on insurance companies’ regulatory frameworks. One part of the SMI, meant to keep regulators informed...more

Eversheds Sutherland (US) LLP

NAIC Report - 2018 Spring National Meeting

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

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

New York Department of Financial Services Rings in the New Year with New Suitability Requirements for Insurance Companies

Carlton Fields on

New York’s Department of Financial Services decided to bid farewell to 2017 and ring-in the new year by proposing to amend Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability Rule). On December 27, 2017,...more

Carlton Fields

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

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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

Carlton Fields

New Model Regulation Gives Insurers Little To Be Thankful For

Carlton Fields on

On November 24, while everyone was recuperating from their Thanksgiving feast, the NAIC's Annuity Suitability Working Group circulated the Working Group Chair's draft of proposed revisions to the Suitability in Annuity...more

Carlton Fields

NAIC Big Data Working Group Update

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Regulators are hard at work considering insurers’ use of big data and analytics. The Big Data (Ex) Working Group, chaired by Oregon Commissioner Laura Cali Robison, adopted three charges for 2017. Briefly, these charges are...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

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