John Pruitt

John Pruitt

Eversheds Sutherland (US) LLP

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U.S. - EU Covered Agreement: The Road Ahead

On Thursday, February 16, the Housing and Insurance subcommittee of the Financial Services Committee of the United States House of Representatives will hold a public hearing entitled, “Assessing the U.S.-EU Covered...more

2/14/2017 - Dodd-Frank EEA EU GAAP IFRS Insurance Industry Jurisdiction NAIC Reinsurance Solvency II Trump Administration US-EU Covered Agreement

NY DFS Publishes Revised Proposed Cybersecurity Rules for Financial Services Companies

On December 28, 2016, the New York Department of Financial Services (the DFS) published a revised proposed cybersecurity regulation (the Revised Regulation) for further public comment. First published in September 2016, the...more

1/3/2017 - Cybersecurity Financial Services Industry NYDFS Proposed Amendments Public Comment

Federal Insurance Office Report Highlights Consumer Protection Issues Raised by Big Data, Cyber Risks

On November 21, 2016, the Federal Insurance Office (FIO) issued its first ever annual Report on the Protection of Consumers and Access to Insurance (Report). The Dodd-Frank Wall Street Reform and Consumer Protection Act of...more

1/3/2017 - Advanced Notice of Proposed Rulemaking (ANPRM) Annual Reports Big Data Cybersecurity Dodd-Frank Federal Insurance Office Hiring & Firing Insurance Industry Popular

NAIC Report: 2016 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2016 Fall National Meeting December 10-13. Despite the glitzy setting at the Fontainebleau Hotel in Miami Beach, there were no splashy new developments—save...more

12/30/2016 - NAIC Professional Conferences

Enhanced Cyber Risk Management Standards Announced in Joint Rulemaking Initiative by Treasury, Federal Reserve, and FDIC

On October 19, 2016, the three major federal banking regulators announced a joint advance notice of proposed rulemaking (ANPR) for enhanced cyber risk management standards (Enhanced Standards) for large and interconnected...more

12/29/2016 - Advanced Notice of Proposed Rulemaking (ANPRM) Banking Regulators Banking Sector Cybersecurity Risk Management Third-Party Service Provider

NY DFS Announces Proposal for Cybersecurity Rules for Financial Services Companies

On September 13, 2016, New York Governor Andrew Cuomo announced a proposal by the New York Department of Financial Services (the DFS) of a rule that establishes cybersecurity requirements for financial services companies...more

9/23/2016 - Cybersecurity Financial Services Industry NAIC NYDFS Proposed Regulation

NAIC Report: 2016 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2016 Summer National Meeting from August 26 through August 29 in San Diego, California. The meeting began with strong words from the NAIC President and...more

9/8/2016 - Insurance Industry NAIC

NAIC Task Force Releases Revised Draft Insurance Data Security Model Law

On August 17, the National Association of Insurance Commissioners (the NAIC) Cybersecurity (EX) Task Force (the Task Force) released for comment a revised draft Insurance Data Security Model Law (the Model Law). This Model...more

8/26/2016 - Breach Notification Rule Cybersecurity Insurance Industry Model Rules NAIC NIST

NAIC Task Force Continues Work on Insurance Data Security Model Law

On May 24 and 25, the National Association of Insurance Commissioners (the NAIC) Cybersecurity (EX) Task Force (the Task Force) hosted a meeting in which state insurance commissioners and interested parties were invited to...more

6/7/2016 - Breach Notification Rule Cybersecurity Data Collection Gramm-Leach-Blilely Act HIPAA Insurance Commissioners Insurance Industry NAIC NIST Privacy Policy

The Federal Reserve Board Outlines Approach For Capital Rules For Federally Supervised Insurance Groups

At the NAIC’s tenth International Insurance Forum, Daniel K. Tarullo, a member of the Board of Governors of the Federal Reserve System (FRB), outlined the FRB’s plans for: - ..the capital and liquidity rules for...more

5/31/2016 - Advanced Notice of Proposed Rulemaking (ANPRM) Capital Rules Federal Reserve G-SII IAIS Insurance Industry Liquidity NAIC Other-SIIs Risk-Based Approaches Savings and Loan Companies Stress Tests

NAIC Report: 2016 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2016 Spring National Meeting from April 1 through April 6 in New Orleans, Louisiana. As host, Louisiana provided beautiful weather and bountiful great food....more

5/25/2016 - Big Data Casualty Insurance Cybersecurity DOL Fiduciary Duty Flood Insurance Gramm-Leach-Blilely Act IAIS Insurance Industry IRA Life Insurance NAIC ORSA Pricing Principle-Based Reserves Property Insurance Reinsurance Terrorism Insurance

Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance...more

1/21/2016 - Big Data Insurance Industry NAIC Price Optimization

NAIC Adopts Roadmap for Cybersecurity Consumer Protections

On December 17, the National Association of Insurance Commissioners (NAIC) adopted a Roadmap for Cybersecurity Consumer Protections. Except for a new name and new introduction, the Cybersecurity Roadmap is identical to...more

12/22/2015 - Cybersecurity Bill of Rights NAIC

NAIC Report: 2015 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2015 Fall National Meeting from November 17 through November 22 at National Harbor, Maryland. Notwithstanding the gigantic size of the Gaylord National...more

11/30/2015 - Insurance Industry Life Insurance NAIC Property Insurance Reinsurance Sharing Economy Terrorism Insurance

Treasury and U.S. Trade Representative Notify Congress of Intent to Initiate Negotiations on Covered Agreement With EU Regarding...

On Friday, November 20, 2015, the U.S. Department of the Treasury and the U.S. Trade Representative (USTR) notified the chairs of the U.S. House Financial Services Committee, House Ways and Means Committee, Senate Banking...more

11/24/2015 - Covered Agreement Doctrine of Equivalents Dodd-Frank EU Negotiations Reinsurance U.S. Treasury USTR

The New York Department of Financial Services Releases Potential New Cybersecurity Rules

On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (the NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee (the...more

11/16/2015 - Covered Entities Cybersecurity Financial Institutions NPRM NYDFS Prudential Regulation Authority Regulatory Agenda

NAIC Task Force Adopts a Cybersecurity “Bill of Rights” Despite Industry Objections

On October 14, the National Association of Insurance Commissioners Cybersecurity Task Force (NAIC Task Force) adopted a version of the Cybersecurity Bill of Rights for insurance consumers. The Bill of Rights claims to outline...more

10/29/2015 - Cybersecurity Cybersecurity Bill of Rights Insurance Industry NAIC

The Latest on Price Optimization

Nearly one-third of the U.S. states have now issued directives on the use of price optimization to determine insurance rates and, to date, most states have taken a skeptical view of the practice. Meanwhile, at the national...more

10/22/2015 - Insurance Industry Insurance Rates NAIC Price Optimization

NAIC Report: 2015 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2015 Summer National Meeting from August 13 through August 18 in Chicago, Illinois. The meeting was notable for the number of new insurance commissioners...more

9/3/2015 - Anthem Blue Cross Casualty Insurance Cybersecurity Earthquake Insurance G-SII IAIS Insurance Commissioners Insurance Industry Life Insurance NAIC Premera Blue Cross Professional Conferences Property Insurance Reinsurance Sharing Economy Terrorism Insurance Variable Annuities Working Groups

Focus On International Standards

The influence of international standards on the direction of insurance regulation in the United States has dominated public discussion about insurance regulation during recent years. Nowhere was that more evident than in...more

5/14/2015 - Congressional Investigations & Hearings Corporate Governance Insurance Industry International Monetary Fund NAIC Regulatory Agenda Regulatory Standards

NAIC Update – Spring 2015

The National Association of Insurance Commissioners (NAIC) held its first national meeting for 2015 in Phoenix, Arizona, from March 26 through March 31. Noteworthy new initiatives include cybersecurity, price optimization and...more

4/24/2015

Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting

Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services (the “DFS”) and the National Association of Insurance...more

4/3/2015 - Cybersecurity Data Protection Insurance Industry NAIC NYDFS Work Plans

NAIC Amps Up Cybersecurity Oversight

The NAIC has begun its efforts to amp up state insurance department oversight of cybersecurity practices with the release of two documents for public comment. The first, entitled Principles for Effective Cybersecurity...more

3/19/2015 - Cybersecurity Insurance Industry NAIC Public Comment Regulatory Agenda

New York’s Insurance Regulator Announces Results of Cybersecurity Survey and Previews New Regulatory Initiatives

On February 9, the New York Department of Financial Services (DFS) released a Report on Cyber Security in the Insurance Sector (Report), summarizing the results of a survey completed by 43 insurers about their cybersecurity...more

2/11/2015 - Cybersecurity Insurance Industry NYDFS Popular Risk Assessment Surveys

Congress Authorizes New Ukraine-Related Sanctions Against Russia

On December 18th, President Obama signed into law the “Ukraine Freedom Support Act of 2014,” authorizing stricter sanctions against Russia, and also increasing military and non-military assistance for Ukraine. Although the...more

12/24/2014 - Banking Sector Barack Obama Defense Sector Energy Sector Oil & Gas Popular Russia Sanctions SDN List Ukraine

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