At the National Association of Insurance Commissioners (NAIC) 2022 Fall National Meeting (Fall Meeting), the various NAIC groups hit the industry with an array of snowballs of various actual and proposed surveys, guidance,...more
Following completion of its 2022 educational paper, the NAIC’s Accelerated Underwriting (A) Working Group (AUWG) moved to the second part of their charge — draft guidance for the states. During their call on February 22, the...more
In satisfying its directive under Senate Bill (SB) 21-169, the Colorado Insurance Department (DOI) held a stakeholder meeting on February 7 to discuss the DOI’s February 1 draft proposed rule styled “Governance and Risk...more
On February 1, the NAIC’s Privacy Working Group’s new privacy model germinated. After months of development, the exposure draft, titled “Insurance Consumer Privacy Protection Model Law #674” (Proposed Model), has finally...more
Colorado Senate Bill (SB) 21-169, which became law in 2021, is intended to “hold insurers accountable for testing their big data systems — including external consumer data and information sources, algorithms, and predictive...more
Survey Released by September 30 -
On September 28, the Colorado Division of Insurance (CO DOI) held its fourth stakeholder meeting to discuss life insurers’ underwriting practices. SB-169 required insurers to test their...more
The National Council of Insurance Legislators (NCOIL) unanimously agreed to waive a red flag protesting insurers’ offers of enhanced cash surrender values. At its summer meeting, NCOIL adopted a Resolution Identifying Certain...more
As the various NAIC groups and state regulators continue to ascertain the seaworthiness of insurers’ use of consumer data, algorithms, and machine learning, these lookouts have set their sights on unfair discrimination. The...more
On July 8, the Colorado Division of Insurance (CO DOI) piloted its third stakeholder meeting during which the CO DOI continued to chart life insurers’ underwriting practices as part of the required rulemaking process to...more
On June 30, 2022, the California Department of Insurance (CA DOI) released a bulletin titled "Allegations of Racial Bias and Unfair Discrimination in Marketing, Rating, Underwriting, and Claims Practices by the Insurance...more
The NAIC’s Privacy Protections Working Group has updated its work plan, planting two crops for its fall 2023 harvest: Time will tell what other seedlings catch the NAIC’s eye. The above dates, however, are subject to growing...more
More than 200 regulators and interested parties attended the NAIC’s Cybersecurity (H) Working Group’s first meeting of the year on March 23. The working group, made up of 23 states, co-chaired by Missouri and New York, is...more
The Life Insurance and Annuities (A) Committee sprang into action during the NAIC Spring 2022 National Meeting in April. The A Committee discussed recent activities and 2022 plans for its Life Actuarial Task Force (LATF), its...more
With spring’s arrival, a bouquet of differing NAIC groups and states is popping up to consider the use of big data and algorithms by insurers, including algorithms based on machine learning. Many are focusing on life...more
Following North Dakota, New Mexico, and Washington’s actions in 2021, there is a renewed effort by states to freshen up their rebating provisions to allow value-added products and services.
Kansas came alive first by...more
On April 12, the Colorado Division of Insurance (CO DOI) held its second stakeholder meeting as part of its process to develop rules for life insurance underwriting practices in compliance with Colorado Senate Bill 21-169 (as...more
On April 12, 2022, the Colorado Division of Insurance (Colorado DOI) is rounding the diamond with its second stakeholder meeting as part of Colorado Senate Bill 21-169's (as codified in Colorado Statutes section 10-3-1104.9)...more
On February 24, 2022, the NAIC Life Actuarial (A) Task Force discussed the comments to its December 9, 2021, exposure draft on whether to address indexed universal life (IUL) illustrations of volatility-controlled index...more
On February 17, like an orchestra conductor, Colorado Division of Insurance (Colorado DOI) Commissioner Michael Conway directed the first of many stakeholder engagement meetings as part of Colorado Senate Bill 21-169's (as...more
During the December 8 Life Actuarial Task Force& meeting, the Index Universal Life Illustration (A) Subgroup reported on its findings regarding IUL illustrations following the implementation of Actuarial Guideline 49-A. The...more
Newly enacted Colorado Statutes section 10-3-1104.9 requires the Colorado Division of Insurance to hold stakeholder meetings to consider insurers' use of external consumer data and information sources, as well as algorithms...more
On November 29, the NAIC Index-Linked Variable Annuity (A) Subgroup (ILVA Subgroup) issued a proposed actuarial guideline to clarify the application of NAIC Model 250, Variable Annuity Model Regulation, and NAIC Model 805,...more
In September and October 2021 alone, the Federal Trade Commission, the New York State Department of Financial Services, and the Securities and Exchange Commission all signaled their plans for a cybersecurity squall....more
With the growing use of algorithms and external consumer data, several national and international bodies have recently drafted work product or proposed regulations as follows...more
On November 18, calling frozen federal legislative efforts “an opportunity” for state insurance regulators to “update state privacy protections … and potentially forestall or mitigate the impacts of any preemptive federal...more