On February 26, 2024, the Connecticut Insurance Department (the CID) adopted Bulletin No. MC-25 on the “Use of Artificial Intelligence Systems in Insurance” (Connecticut Bulletin). This Connecticut Bulletin is similar to the...more
3/15/2024
/ Artificial Intelligence ,
Compliance ,
Corporate Governance ,
Insurance Industry ,
Model Rules ,
NAIC ,
NIST ,
Popular ,
Regulatory Oversight ,
Risk Management ,
State Insurance Administrations
On January 17, 2024, the New York State Department of Financial Services (NY DFS) released for public comment a proposed circular letter (Proposed Letter) to regulate the use of artificial intelligence systems (AIS) and...more
On July 17, 2023, the Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) released for comment a highly anticipated model bulletin (Model Bulletin) on...more
7/27/2023
/ Artificial Intelligence ,
Casualty Insurance ,
Comment Period ,
Corporate Governance ,
Insurance Industry ,
Model Forms ,
NAIC ,
Property Insurance ,
Regulatory Oversight ,
Request For Information ,
Risk Management ,
Third-Party Service Provider ,
Unfair or Deceptive Trade Practices
New York Senate Bill 4007 and Assembly Bill 3007, which represent Governor Kathy Hochul’s state budget proposal, include provisions to amend Article 77 of the New York Insurance Law, the Life Insurance Company Guaranty...more
The National Association of Insurance Commissioners (NAIC) held its 2022 Fall National Meeting from December 12-16 in Tampa, Florida.
The agenda for this National Meeting was limited, with a number of NAIC working groups...more
1/27/2023
/ Accounting Standards ,
Casualty Insurance ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Meetings ,
Information Reports ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Private Equity ,
Property Insurance ,
Reinsurance ,
Securities ,
Technology
Innovation, Cybersecurity, and Technology (H) Committee Adopts Request for Modernized Privacy Protections Model Law; Receives Working Group Reports -
The Innovation, Cybersecurity, and Technology (H) Committee met on...more
9/19/2022
/ Casualty Insurance ,
Cybersecurity ,
Data Privacy ,
Data Security ,
Environmental Social & Governance (ESG) ,
Information Reports ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Private Equity ,
Property Insurance ,
Reinsurance ,
Working Groups
The National Association of Insurance Commissioners (NAIC) held its 2022 Spring National Meeting from March 4 to 8 in Kansas City, Missouri. Although the meeting was held in a hybrid in-person and remote format, roughly 1,500...more
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
1/6/2022
/ Advisory Committee ,
Annuities ,
Artificial Intelligence ,
Big Data ,
California Consumer Privacy Act (CCPA) ,
Cannabis Products ,
Climate Change ,
Credit Ratings ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Data Protection Regulation (GDPR) ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Popular ,
Privacy Policy ,
Private Equity ,
Regulatory Standards ,
Reinsurance ,
Technology ,
Underwriting
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
11/18/2021
/ Administrative Departments ,
Business Strategies ,
Climate Change ,
Final Guidance ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Factors ,
Risk Mitigation ,
State Administrative Agencies ,
Supervisory Guidance ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
The National Association of Insurance Commissioners (NAIC) held its 2021 Summer National Meeting from August 14 to 17 in Columbus, Ohio. The meeting was held in a hybrid in-person and remote format due to the ongoing COVID-19...more
The National Association of Insurance Commissioners (NAIC) held its 2021 Spring National Meeting from April 7 to April 14, 2021. The meeting was held in an all-virtual format due to the ongoing COVID-19 pandemic....more
Last week (March 25, 2021), the New York State Department of Financial Services (NYDFS) released for public comment proposed guidance for New York domestic insurers on managing financial risks from climate change (the...more
The National Association of Insurance Commissioners (NAIC) held its 2020 Fall National Meeting virtually from December 3 to December 9, 2020. The meeting was originally scheduled to be held in Indianapolis, Indiana, but was...more
The National Association of Insurance Commissioners (NAIC) held its 2020 Summer National Meeting virtually from July 28 to August 14, 2020. The meeting was originally scheduled to be held in Minneapolis, Minnesota, but was...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
The New York Department of Financial Services (DFS) has proposed three new rules relating to corporate governance and oversight for New York insurers. The new rules would bring New York insurance laws in line with National...more
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
12/27/2019
/ Artificial Intelligence ,
Casualty Insurance ,
Flood Insurance ,
Innovation ,
Insurance Industry ,
Life Insurance ,
Liquidity ,
NAIC ,
Property Insurance ,
Regulatory Standards ,
Reinsurance ,
Stress Tests ,
Technology ,
Terrorism Insurance
The National Association of Insurance Commissioners (NAIC) held its 2019 Summer National Meeting from August 3 through August 6 in New York City. Typically the sleepier one among the NAIC’s three national meetings, this year...more
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has approved proposed revisions to the Credit for Reinsurance Model Law (Model Law) and the Credit for Reinsurance Model Regulation (Model...more
5/22/2019
/ Capital Requirements ,
Covered Agreement ,
EU ,
Federal Agency Taskforce ,
Financial Solvency ,
Insurance Industry ,
Jurisdiction ,
NAIC ,
Proposed Amendments ,
Reinsurance ,
Risk-Based Approaches ,
The Model Law ,
UK ,
US-EU Covered Agreement ,
USTR
On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). After a period of uncertainty...more
5/21/2019
/ Dodd-Frank ,
EU ,
European Economic Area (EEA) ,
Federal Insurance Office ,
GAAP ,
IFRS ,
Insurance Industry ,
Legal History ,
NAIC ,
Reinsurance ,
Solvency II ,
U.S. Treasury ,
UK ,
UK Brexit ,
US-EU Covered Agreement ,
USTR
The National Association of Insurance Commissioners (NAIC) held its 2019 Spring National Meeting from April 5 through 9 in Orlando, Florida. This meeting was distinguished by a very large class of new commissioners (15 in...more
4/18/2019
/ Annual Meeting ,
Cybersecurity ,
FSOC ,
IAIS ,
Insurance Industry ,
Life Insurance ,
Long Term Care Insurance ,
Marijuana ,
Marijuana Related Businesses ,
NAIC ,
Reinsurance ,
Risk Assessment ,
SIFIs ,
US-EU Covered Agreement ,
Working Groups
On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). After a period of uncertainty...more
12/31/2018
/ Dodd-Frank ,
EU ,
Federal Insurance Office ,
GAAP ,
IFRS ,
Insurance Industry ,
NAIC ,
Preemption ,
Reinsurance ,
U.S. Treasury ,
UK Brexit ,
US-EU Covered Agreement ,
USTR