John Pruitt

John Pruitt

Sutherland Asbill & Brennan LLP

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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

U.S. Government Resets Cuban Policy and Eases Sanctions Against Cuba

Yesterday, President Obama announced that the United States and Cuba will begin talks to resume full diplomatic relations and partially lift travel and economic sanctions and restrictions, some of which have existed for more...more

12/19/2014 - Barack Obama Cuba Embargo Foreign Relations Sanctions

President Signs Changes to Collins Amendment Favorable to Insurers

On December 18, President Obama signed into law the Insurance Capital Standards Clarification Act of 2014 (the Act). The Act makes it clear that the Board of Governors of the Federal Reserve (the Fed) is not required to apply...more

12/19/2014

NAIC 2014 Fall National Meeting and Congressional Hearing on Global Standards in Insurance Regulation

The National Association of Insurance Commissioners (NAIC) met for its Fall National Meeting in Washington, D.C. from November 14th through November 19th. As with prior meetings, competition among state, Federal and...more

11/25/2014 - Congressional Investigations & Hearings Insurance Industry NAIC Regulatory Agenda Regulatory Standards

NAIC Report – 2014 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Summer National Meeting in Louisville, Kentucky, August 14-19. International regulatory standards were a prime focus of the meeting, as the International...more

8/27/2014 - Capital Requirements IAIS Insurance Industry NAIC

NAIC Report: 2014 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Spring National Meeting in Orlando, Florida from March 29 through April 1. Typical for the first national meeting of the year, much activity was focused...more

4/15/2014 - Casualty Insurance Corporate Governance Cyber Insurance Cybersecurity Flood Insurance Hedge Funds NAIC Private Equity Regulation Reinsurance Title Insurance

Insurance Topics We Will Be Watching in 2014

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2014. Forces, trends and events that we believe will affect regulation, transactions and...more

2/7/2014 - Affordable Care Act Casualty Insurance Federal Insurance Office Healthcare Healthcare Reform Insurance Industry Insurance Reform NAIC Property Insurance Reinsurance

Massachusetts Governor Proposes Insurance Industry Pass-Through Tax

Massachusetts Governor Deval Patrick released his proposed FY 2015 budget on January 22, 2014. The proposed budget includes a tax provision that is targeted directly at the licensed insurance industry. Currently, income...more

1/31/2014 - Casualty Insurance Corporate Taxes Income Taxes Insurance Industry Life Insurance Pass-Through Entities Property Insurance State Taxes

New York Releases Proposed Joint ERM/ORSA Regulation

The New York Department of Financial Services (Department) has announced that Regulation 203 – Enterprise Risk Management & Own Risk and Solvency Assessment (Proposed Regulation) will be formally proposed in a notice of...more

1/20/2014 - Enterprise Risks Financial Regulatory Reform Risk Management

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