Ann Young Black

Ann Young Black

Carlton Fields

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FTC's Big Data Report Provides Road Map for Insurers Using Big Data

On January 6, the Federal Trade Commission ("FTC") released a report entitled "Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues" ("Report") that follows the FTC's September 15, 2014 workshop on "the...more

1/27/2016 - Big Data Discrimination FCRA FTC Insurance Industry Popular Title VII

eCommerce Regulation, Bitcoin, Anti-Money Laundering, Shadow Insurance, 401(k) Litigation [Expect Focus – Vol. IV, Fall 2015]

IN THE SPOTLIGHT - - California Passes Life and Annuity Electronic Transactions Law LIFE INSURANCE - - Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny - NAIC Evaluates Insurer’s Use of Variable...more

1/11/2016 - 401k Administrative Proceedings Big Data Bitcoin BSA/AML E-Commerce Medical Devices SEC STOLI Takedown Notices Variable Annuities

Florida's OIR Provides Guidance on Annuity Maturity Date Extensions

On December 15, the Florida Office of Insurance Regulation (OIR) issued an Informational Memorandum, OIR-15-08M (Memorandum) regarding the extension of annuity contracts maturity dates beyond their original date. The...more

1/6/2016 - Annuities Extensions Insurance Industry Insurance Regulations Life Insurance Variable Annuities

NAIC Evaluates Insurer’s Use of Variable Annuity Captives, Price Optimization, and Big Data

At the National Association of Insurance Commissioners (NAIC) Fall National Meeting, regulators and consumer representatives continued to seek transparency on insurers’ use of annuity captive reinsurance transactions (VA...more

1/4/2016 - Big Data Insurance Industry Life Insurance NAIC Price Optimization Transparency Directive Variable Annuities

California Passes Life and Annuity Electronic Transactions Law

On January 1, 2016, Section 38.6 of the California Insurance Code will take effect permitting consumers to conduct certain life, disability, and annuity transactions electronically. The new law attempts to meet California...more

1/4/2016 - E-SIGN Electronic Records Insurance Industry Life Insurance New Legislation UETA

NAIC's Market Regulation Committee Adopts Broad Charge to Explore Insurers' Big Data Use

On December 11, the Market Regulation and Consumer Affairs (D) Committee (Market Reg Committee) of the National Association of Insurance Commissioners (NAIC) adopted the following charge... ...more

12/16/2015 - Big Data Insurance Industry NAIC Regulatory Standards Underwriting

Will the UK's Scrutiny of Insurers' Use of Big Data Impact U.S. Regulators?

On November 24, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), issued a "Call for Inputs" regarding insurers' use of Big Data. The FCA asked for views, supported by examples and evidence, of...more

12/3/2015 - Big Data Competition Financial Conduct Authority (FCA) Insurance Industry Regulatory Oversight

Catching Up To Insurers’ Use of Big Data

Various groups within the NAIC are beginning to study the way in which insurers are using big data. On the property and casualty front, the Market Regulation (D) (Market Reg) Committee is reviewing the use of big data in...more

10/2/2015 - Algorithms Analytics Big Data Claim Procedures FCRA Insurance Industry NAIC Underwriting

Wake up Call for Regulators and Insurers

On April 8, after a careful statutory analysis, the California Second Appellate Division held that the California Insurance Commissioner exceeded his authority in promulgating a regulation that defined a new act as an unfair...more

4/17/2015 - Appeals Homeowner's Insurance Insurance Commissioners Replacement Costs UIPA

Georgia Provides Guidance on Variable Annuity Sales Disclosures

On March 19, the Georgia Office of Insurance and Safety Fire Commissioner (the "Department") issued Bulletin 15-EX-1 (the "Bulletin") to clarify Georgia's required variable annuity sales disclosures. This guidance follows the...more

3/26/2015 - Disclosure Requirements Insurance Industry Variable Annuities

State Insurance Regulators Target Insurers' Responses to Cyber-Attacks

Cyber-attacks are becoming increasingly common and destructive, with the recent incidents involving Sony and Anthem Blue Cross Blue Shield serving as cautionary tales. As a result, state insurance regulators are focusing on...more

2/13/2015 - Anthem Blue Cross Cyber Attacks Cybersecurity Insurance Industry NYDFS Sony State Regulators

Divorce and Beneficiary Designations—Florida Law Changes

Introduction - This article discusses a significant change in Florida law regarding the effect of dissolution or annulment of marriage on designations of one former spouse as beneficiary upon death of the insured other...more

1/23/2015 - Beneficiaries Broker-Dealer Divorce Employee Benefits Insurance Industry Marital Assets Spouses

Expect Focus - Spot The Regulator, Volume IV, Fall 2014

In This Issue: - IN THE SPOTLIGHT ..Crisis Management: Five Steps to Take Before Providing That Comment - LIFE INSURANCE ..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more

1/16/2015 - Automotive Loans CFTC Class Action Consumer Complaint System Data Breach Divorce Driverless Cars FCC Healthcare HIPAA Insurance Industry Life Insurance Money Market Funds Mortgages NAIC Private Equity Funds STOLI Unsolicited Faxes

Will Any Matters Addressed at the NAIC’s 2014 Fall National Meeting Reach the Playoffs?

Like hopeful NCAA college football teams, several matters affecting life and annuity products looked, in 2014, like they would make the playoffs and finally be resolved in early 2015. - The review of Principle-Based...more

1/7/2015 - Insurance Industry NAIC

New Year, New Disclosures

On December 29, the Florida Department of Financial Services (FDFS) published Proposed Rule 69B-215.090 (the "Proposed Surrender Disclosure Rule") setting forth the disclosures required when a surrender of any cash value life...more

1/2/2015 - Cash Value Department of Financial Services Disclosure Requirements Life Insurance Proposed Regulation

Minority Powerbrokers Q&A: Carlton Fields' Ann Black

Ann Young Black is a shareholder and co-chairwoman of the financial services regulatory practice group at Carlton Fields Jorden Burt PA. She counsels financial services clients on a broad range of insurance, securities and...more

12/29/2014 - Diversity Law Practice Management Women in the Law Young Lawyers

Trick or Treat? Halloween Meeting of NAIC's Contingent Deferred Annuity Working Group

During its October 31 conference call, the NAIC's Contingent Deferred Annuity (CDA) Working Group startled issuers and those considering issuing CDAs by reawakening a discussion on whether CDAs should contain nonforfeiture or...more

11/5/2014 - Annuities NAIC

Florida Modifies Its Annuity Suitability Rule

On October 1, the Florida Department of Financial Services (DFS) amended Florida Administrative Code Rule 69B-162.011, "Suitability and Disclosures in Annuity Contracts – Forms Required" (the Suitability Rule). This amendment...more

10/9/2014 - Annuities Department of Financial Services Life Insurance

Insurer Sues Department of Insurance Over Multi-Million Dollar Penalty

In suing the California Insurance Commissioner on July 10, 2014, PacifiCare Life Insurance Company sought a writ of mandamus ordering the Commissioner to set aside his Decision and Order imposing a record $173 million penalty...more

9/25/2014 - Claim Procedures Decisions Health Insurance Insurance Commissioners Mergers Penalties Standard of Care UnitedHealth Writ of Mandamus

The NAIC Considers a Stable of Issues at the Summer National Meeting

During the 2014 Summer National Meeting, contingent deferred annuities led the way with the most NAIC groups considering the regulation of CDAs. - At the head of the pack was the CDA (A) Working Group, which received...more

9/25/2014 - Annuities NAIC Reinsurance

Legislation Reforms California’s Insurance Community Investment Program

On September 17, California Governor Jerry Brown signed into law legislation intended to reform the California Organized Investment Network (COIN) program. The COIN program is a partnership among the California Department of...more

9/23/2014 - Community Development Entities Insurance Industry New Legislation Public Private Partnerships (P3s) State and Local Government

Iowa Issues Bulletin on Index Annuity Marketing Materials

On September 15, Iowa Insurance Commissioner Nick Gerhart issued Bulletin 14-02 regarding Insurance Marketing Organizations (IMOs). Bulletin 14-02 sets forth Iowa Insurance Division (IID) concerns with the following index...more

9/18/2014 - Annuities Compliance Marketing

Florida Proposes Rule for Annuity and Life Insurance Surrender Disclosures

On September 4, the Florida Department of Financial Services (the "Department") published a Notice of Rule Development for Proposed Rule 69B-215.090, Florida Administrative Code (the "Proposed Rule") setting out disclosure...more

9/9/2014 - Annuities Life Insurance

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