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US-EU Covered Agreement: An Overview

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

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

NAIC Takes Major Step Toward Final Approval of Insurance Data Security Model Law

In a flurry of approvals last week, the National Association of Insurance Commissioners (NAIC) took substantial steps toward finalizing its proposed Insurance Data Security Model Law during the 2017 NAIC Summer National...more

NAIC Report: 2017 Spring National Meeting

The NAIC’s 2016 Annual Report is titled, “Inspiring Innovation” and the themes of innovation and the new capabilities that technology offers were evident throughout the weekend. In March, the NAIC announced the creation of a...more

US-EU Covered Agreement: An Overview

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). Once the Covered Agreement...more

NY DFS Publishes Final Cybersecurity Rules for Financial Services Companies 

On March 1, 2017, the New York Department of Financial Services (the DFS) published a notice of adoption of its final cybersecurity regulation (the Final Regulation). The regulation was first announced with much fanfare by...more

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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